AVANGRID Shareholders Overwhelmingly Approve All Proposals at 2018 Annual Meeting
BOSTON — June 7, 2018 — AVANGRID, Inc. (NYSE: AGR) held its 2018 annual meeting of shareholders today in Boston, Massachusetts. All presented proposals before shareholders were overwhelmingly approved, and approximately 99% of shares were present by proxy or in person. The vote indicates strong shareholder support for AVANGRID’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 serve one-year terms expiring at the company’s 2019 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 AVANGRID’s independent registered public accounting firm for 2018.
- Advisory approval of the compensation of AVANGRID’s named executive officers as described in the 2018 proxy statement.
The final voting results will be presented on a current report on Form 8-K that will be filed with the Securities and Exchange Commission and posted on AVANGRID’s website, www.avangrid.com.
After the annual meeting, AVANGRID’s board Chairman Ignacio Galán addressed the shareholders, directors, and members of management present at the meeting, noting that AVANGRID is committed to a more sustainable and cleaner energy future. He said the company plans to invest $14.4 billion in its Networks and Renewables businesses from 2017 to 2022.
“AVANGRID completed a very productive year and achieved consistent financial results in 2017, which allowed us to deliver a total shareholder return of 39%, adding $ 4.5 billion to shareholder value and outperforming the S&P 500 Utilities index by close to 17%,” Galán said. “Subject to approval of the Board of Directors, we plan to increase the dividend starting this year in a consistent manner with our 65-75% payout target thanks to the expected growth in our results and successful execution of our strategy.”
“We are confident in our long term outlook and we will continue our commitment to operational excellence and best practices. AVANGRID will continue to rank among the top tier companies in our industry, delivering a high level of customer satisfaction and strong results,” Galán added.
Galán also noted that, for the second consecutive year, AVANGRID was recognized by Ethical Boardroom magazine as the North American utility with the best corporate governance practices. AVANGRID has also pledged to continue its efforts to reduce its carbon emissions intensity, and expects to be carbon-neutral by 2035.
Following Chairman Galán’s remarks, AVANGRID CEO James P. Torgerson reviewed highlights from 2017. He said that, “2017 was a remarkable second year for AVANGRID. We continued to grow as we executed our strategic plan, focusing on our contracted Renewables and regulated businesses. We accomplished a key strategic milestone with the sale of our gas trading and the gas storage businesses.”
“We are confident in our ability to deliver 8-10% compound annual growth thru 2022, and we expect that this growth rate will make us one of the top growth companies in our sector, delivering sustainable long-term value to all our stakeholders. We are already executing our strategy to grow our core business model, we will drive continuous improvement through the implementation of best practices, and we will lead the digital transformation while maintaining our financial strength.”