AVANGRID Shareholders Overwhelmingly Approve All Board Proposals at 2017 Annual Meeting
BOSTON — June 22, 2017 — AVANGRID, Inc. (NYSE: AGR) announced the voting results from its Annual Meeting of Shareholders, held today in Boston, Massachusetts. AVANGRID is pleased to announce that with a quorum of approximately 99%, shareholders overwhelmingly supported all of the proposals presented at the meeting. The vote indicates strong support for the Company’s performance, strategic direction, and governance system.
At the annual meeting, the AVANGRID shareholders voted to elect each of the 14 nominees to the board of directors to one-year terms expiring at the company’s 2018 annual meeting.
Additionally, the AVANGRID shareholders voted to approve the following items proposed by the board of directors, with at least 99% of the votes cast in favor of each proposal:
- The ratification of the appointment of KPMG US, LLP as its independent registered public accounting firm for 2017.
- In an advisory vote, the compensation of AVANGRID’s named executive officers as described in the 2017 proxy statement.
- An amendment to AVANGRID’s by-laws to implement a majority voting standard in the election of directors in uncontested elections.
- An amendment to AVANGRID’s by-laws to increase the minimum number of independent members of the board of directors from three to five.
The amendments to AVANGRID’s by-laws were recommended to shareholders as part of the board’s effort to continuously improve AVANGRID’s corporate governance system. The final voting results will be reported on a current report on Form 8-K that will be filed with the Securities and Exchange Commission and posted on AVANGRID’s website at www.avangrid.com.
After the annual meeting, Chairman Ignacio Galán addressed the shareholders, directors and members of management present at the meeting, noting that AVANGRID is committed to providing sustainable energy for a better future.
“In today’s energy sector, where current main trends include increased electrification, more renewable generation, and the implementation of smarter networks, AVANGRID is uniquely positioned to continue to redefine itself as the utility of the future.”
“We plan to invest approximately $9 billion in our regulated and renewable businesses over the next four years, making our networks smarter and our generation cleaner while increasing earnings-per-share by 8-10% per year.”
“Furthermore, good corporate governance is a cornerstone of our company’s culture. The company’s governance system is based on a commitment to ethical principles, transparency and leadership in the application of best practices,” Galán said.
Following Chairman Galán’s remarks, AVANGRID CEO James P. Torgerson reviewed highlights from the previous year.
“During 2016, we achieved the successful completion of key milestones,” Torgerson said. “We are executing on our strategy with a business model that is focused on our core businesses and the implementation of best practices while maintaining our financial strength. And all this is critical to our unwavering commitment to create value for our shareholders and increase our dividend over the coming years, beginning in 2018.”
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About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a diversified energy and utility company with more than $31 billion in assets and operations in 27 states. The company owns regulated utilities and electricity generation assets through two primary lines of business, Avangrid Networks and Avangrid Renewables. Avangrid Networks is comprised of eight electric and natural gas utilities, serving approximately 3.2 million customers in New York and New England. Avangrid Renewables operates more than 6 gigawatts of owned and controlled renewable generation capacity, primarily through wind and solar, in 22 states across the United States. AVANGRID employs approximately 6,800 people. For more information, visit www.avangrid.com.
Michael A. West, Jr.
Forward Looking Statement: Certain statements contained herein may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “can,” “expects,” “believes,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “assumes,” “guides,” “targets,” “forecasts,” “is confident that” and “seeks” or the negative of such terms or other variations on such terms or comparable terminology. Such forward looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on our business, results of operations or financial condition. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation, the risks and uncertainties set forth under the section entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2016 and our Quarterly Report on Form 10-K for the quarter ended March 31, 2017, which are on file with the Securities and Exchange Commission (SEC) and available on our investor relations website at www.Avangrid.com and on the SEC website at www.sec.gov. Additional information will also be set forth in subsequent filings with the SEC. You should consider these factors carefully in evaluating forward looking statements. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this presentation whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.