Summary
Southern Company (SO) filed an 8-K on May 24, 2018, detailing events from their Annual Meeting of Stockholders held on May 23, 2018. A key announcement was the planned retirement of Executive Vice President and Chief Financial Officer, Art P. Beattie, effective June 1, 2018. To ensure a smooth transition, the company entered into a consulting agreement with Mr. Beattie, providing him $400,000 to assist through December 31, 2018. The filing also reported the outcomes of shareholder votes from the Annual Meeting. All incumbent directors were re-elected with significant majority support, indicating shareholder confidence in the board's leadership. Furthermore, shareholders approved the company's executive compensation on an advisory basis and ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for 2018. However, a shareholder proposal to amend by-laws regarding proxy access did not pass.
Key Highlights
- 1Art P. Beattie, Executive Vice President and CFO, to retire effective June 1, 2018.
- 2Consulting agreement with retiring CFO Art P. Beattie for transition assistance, totaling $400,000.
- 3All director nominees were overwhelmingly elected by shareholders.
- 4Shareholders approved the company's named executive officers' compensation on an advisory basis.
- 5Deloitte & Touche LLP was ratified as the independent registered public accounting firm for 2018 with strong shareholder support.
- 6A shareholder proposal to amend proxy access by-laws was not approved.