Ballard Power announces results of Annual General Meeting 2024

Rhea-AI Summary

Ballard Power Systems (NASDAQ: BLDP, TSX: BLDP) announced the results of its 2024 Annual General Meeting held on June 5th. All director nominees listed in the Management Proxy Circular were re-elected with strong majority votes. Key resolutions passed include the re-appointment of KPMG LLP as auditors, approval of the executive compensation approach, and the 's equity-based compensation plans.

Highlights include: Kathy Bayless (97.30% votes for), Michael Chen (98.18%), Jacqueline Dedo (98.88%), and other directors receiving high approval rates. Additionally, the auditor appointment was approved by 86.26%, executive compensation by 80.15%, and equity-based compensation plans by 80.82% of the votes.

The detailed voting results reflect shareholder confidence and strategic alignment with the company's management.

Positive

• All director nominees were re-elected with strong majority votes, reflecting shareholder confidence.
• High approval rates for key directors: Jacqueline Dedo (98.88%), Michael Chen (98.18%), Randy MacEwen (98.80%).
• KPMG LLP re-appointed as auditors with 86.26% votes in favor.
• Executive compensation approach approved by 80.15% of the votes.
• Equity-based compensation plans approved by 80.82% of the votes.

Negative

• Director Janet Woodruff received the lowest approval rate at 91.49%, indicating some shareholder dissent.
• 13.74% of shareholders withheld votes for the re-appointment of KPMG LLP as auditors.
• 19.85% of shareholders voted against the executive compensation approach, showing notable opposition.
• 19.18% of shareholders were against the equity-based compensation plans, reflecting significant disapproval.

VANCOUVER, BC, June 6, 2024 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced results of its 2024 Annual General Meeting, which was held on June 5^th.

All nominees listed in the Management Proxy Circular dated April 8^th, 2024 were elected as directors of the Company. Each of the Ballard directors was re-elected by a majority of the votes cast by shareholders present or represented by proxy. Director biographies are available in the "Our Leadership" section of the Company's website.

Director Nominee	Votes For	% For	Votes Withheld	% Withheld
Kathy Bayless	83,641,690	97.30	2,324,646	2.70
Michael Chen	84,398,150	98.18	1,568,545	1.82
Jacqueline Dedo	85,007,682	98.88	959,013	1.12
Douglas P. Hayhurst	83,158,374	96.73	2,808,321	3.27
Randy MacEwen	84,938,906	98.80	1,027,789	1.20
Hubertus M. Muehlhaeuser	83,530,914	97.17	2,435,781	2.83
Marty Neese	83,612,516	97.26	2,353,820	2.74
James Roche	84,166,936	97.91	1,799,400	2.09
Yingbo Wang	84,347,019	98.13	1,610,816	1.87
Janet Woodruff	78,651,745	91.49	7,314,591	8.51

In addition, KPMG LLP, Chartered Accountants, was re-appointed as auditor for the Company, an advisory vote approved the approach to executive compensation, and the Corporation's equity-based compensation plans was approved.  Details of each of these resolutions are included in the Company's Management Proxy Circular.

Item	Votes For	% For	Votes Against	% Against	Withheld/ Abstain	% Withheld/ Abstain
Appointment of Auditors	88,396,940	86.26	-	-	14,080,233	13.74
Executive Compensation	76,808,517	80.15	19,027,201	19.85	-	-
Equity-Based Compensation Plans	69,476,454	80.82	16,490,240	19.18	-	-

About Ballard Power Systems

Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated product performance and other characteristics, product deliveries and deployments. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation.

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SOURCE Ballard Power Systems Inc.

FAQ

What were the results of Ballard Power's 2024 Annual General Meeting?

All director nominees were re-elected, KPMG LLP was re-appointed as auditors, and the executive compensation and equity-based compensation plans were approved.

Who received the highest approval rate among Ballard Power's directors in 2024?

Jacqueline Dedo received the highest approval rate with 98.88% of votes in favor.

What percentage of votes were in favor of re-appointing KPMG LLP as auditors for Ballard Power in 2024?

The re-appointment of KPMG LLP as auditors was approved with 86.26% of votes in favor.

How was the executive compensation approach received at Ballard Power's 2024 AGM?

The executive compensation approach was approved by 80.15% of the votes.

What was the shareholder approval rate for Ballard Power's equity-based compensation plans in 2024?

The equity-based compensation plans were approved with 80.82% of the votes.