Summary
This 8-K filing from FirstEnergy Corp. reports the results of its Annual Meeting of Shareholders held on May 17, 2011. The primary focus is on the voting outcomes for various proposals, including the election of directors, ratification of the independent auditor, and several shareholder proposals. All incumbent directors were re-elected with overwhelming support, indicating shareholder confidence in the current board leadership. The appointment of PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2011 was also ratified with strong approval.
Key Highlights
- 1All incumbent directors were overwhelmingly re-elected to the Board of Directors for terms expiring at the 2012 Annual Meeting of Shareholders.
- 2The appointment of PricewaterhouseCoopers LLP as FirstEnergy's independent registered public accounting firm for the 2011 fiscal year was ratified with significant shareholder support.
- 3Shareholders approved an amendment to the Code of Regulations to reduce the percentage of shares required to call a special meeting.
- 4An advisory vote on executive compensation received a majority of votes cast in favor, with the Board of Directors committing to annual advisory votes on compensation.
- 5A shareholder proposal to prepare a report on coal combustion waste was not approved, with a majority voting against it.
- 6Shareholder proposals requesting a lower share threshold for special meetings by written consent, adoption of a majority vote standard for director elections, and a report on financial risks of coal reliance all failed to receive majority support.
Frequently Asked Questions
Yes, all incumbent directors comprising the Board of Directors were re-elected. The vote counts show a substantial majority of votes 'For' each director, with the highest 'For' vote count reaching over 314 million for two directors, indicating strong shareholder confidence in the current board.
The advisory vote on executive compensation received majority support from shareholders. Furthermore, the proposal on the frequency of this advisory vote resulted in 'one year' receiving the most votes cast. Consequently, the Board of Directors has committed to submitting advisory votes on executive compensation to shareholders annually.
Yes, one shareholder proposal passed: an amendment to the Amended Code of Regulations to reduce the percentage of shares required to call a special meeting of shareholders was approved. However, several other shareholder proposals concerning coal waste, written consent requirements, majority vote standards for directors, and financial risks of coal reliance did not receive majority shareholder approval.
PricewaterhouseCoopers LLP was ratified by shareholders as the Company's independent registered public accounting firm for the 2011 fiscal year.