Summary
This 8-K filing from Exelon Corporation reports on key events from their annual shareholder meeting held on May 8, 2007. The meeting saw the retirement of three directors and the election of two new Class I and Class III directors, Don Thompson and Stephen D. Steinour, respectively. A significant governance update includes the amendment of Exelon's corporate governance principles to allow for the recoupment of incentive compensation from executive officers in cases of fraud or intentional misconduct leading to a restatement of financial results. Additionally, shareholders approved amendments to the articles of incorporation and bylaws for the annual election of directors starting in 2008. The appointment of PricewaterhouseCoopers LLC as the independent auditor was also ratified with overwhelming support.
Key Highlights
- 1Edgar D. Jannotta, Richard L. Thomas, and Ronald Rubin retired from the Exelon Board of Directors.
- 2Don Thompson was elected as a Class I director and Stephen D. Steinour was elected as a Class III director.
- 3Exelon amended its corporate governance principles to enable recoupment of incentive compensation in cases of executive fraud or intentional misconduct causing financial restatements.
- 4Shareholders approved amendments to the articles of incorporation for the annual election of all directors, effective 2008.
- 5PricewaterhouseCoopers LLC was ratified as Exelon's independent accountant for 2007 with over 98% of shareholder votes.
- 6A shareholder proposal regarding executive severance benefits was not approved, receiving only 35.2% of the votes cast.