What were the key outcomes of Sempra's 2021 Annual Shareholders Meeting?

The meeting resulted in the re-election of all 12 director nominees, ratification of Deloitte & Touche LLP as the independent auditor, and approval of the company's executive compensation on an advisory basis. However, two shareholder proposals regarding proxy access bylaws and lobbying activities aligned with the Paris Agreement did not receive majority shareholder approval.

How did shareholders vote on the company's executive compensation?

Shareholders approved the company's executive compensation on an advisory basis with a high level of support, receiving approximately 97.11% of the votes cast in favor. This indicates general shareholder satisfaction with the current executive compensation structure.

What were the results of the shareholder proposals?

Shareholder proposals did not fare as well. A proposal to amend the proxy access bylaw to eliminate the shareholder nominating group limit failed, with about 75.34% voting against it. Another proposal requesting a report on the alignment of lobbying activities with the Paris Agreement also failed, receiving approximately 62.53% of votes against it.

Did any directors not stand for re-election?

Yes, Kathleen L. Brown retired as a director effective May 14, 2021, and was not nominated for re-election in accordance with the company's director retirement policy.

SRE/SREA 8-K: Shareholder Matters

Summary

Sempra Energy (SRE) held its 2021 Annual Shareholders Meeting on May 14, 2021, and the results were formally reported on May 18, 2021. The meeting confirmed strong shareholder support for the company's board of directors and its executive compensation plan, with all 12 director nominees being elected and the "say-on-pay" proposal passing with over 97% of the vote. Shareholders also ratified the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for 2021 with broad approval. The filing also noted the retirement of director Kathleen L. Brown. However, two shareholder proposals did not pass. A proposal to amend the proxy access bylaw to remove the shareholder nominating group limit was rejected by a significant margin (approximately 75% against). Similarly, a proposal requesting a report on the alignment of Sempra's lobbying activities with the Paris Agreement also failed to gain majority support (approximately 63% against). These outcomes indicate shareholder confidence in current governance and compensation practices, while also highlighting differing views on specific governance and environmental policy reporting.

Key Highlights

1All 12 director nominees were overwhelmingly elected for the ensuing year, indicating strong shareholder confidence in the board.
2Shareholders ratified the appointment of Deloitte & Touche LLP as the independent auditor for 2021 with substantial support.
3The advisory vote on executive compensation ("say-on-pay") received strong approval, with over 97% of votes cast in favor.
4A shareholder proposal to eliminate the shareholder nominating group limit in the proxy access bylaw was not approved, failing with approximately 75% voting against it.
5A shareholder proposal seeking a report on lobbying activities' alignment with the Paris Agreement also failed to pass, with approximately 63% voting against it.
6Director Kathleen L. Brown retired from the board, not standing for re-election as per the company's retirement policy.

SEMPRA 8-K Report, Shareholder Vote Results (May 18, 2021)

Summary

Key Highlights

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