CenterPoint Energy reports 2022 annual shareholder meeting results
CenterPoint Energy, Inc. (NYSE: CNP) held its 2022 annual shareholder meeting on April 22, where shareholders elected Christopher H. Franklin as a new independent director. Franklin brings extensive experience from his role as CEO at Essential Utilities. The meeting also saw the election of existing directors for one-year terms, the ratification of Deloitte & Touche LLP as auditors, and the adoption of the 2022 Long-Term Incentive Plan. However, shareholders voted against the advisory resolution on executive compensation. This signifies a shift towards aligning company interests with those of shareholders.
- Election of Christopher H. Franklin as a new independent director, bringing valuable experience in regulated utilities.
- Ratification of Deloitte & Touche LLP as the independent registered public accounting firm, ensuring oversight.
- Adoption of the Long-Term Incentive Plan aimed at attracting and retaining talent.
- Advisory resolution on executive compensation was not approved by shareholders, indicating potential dissatisfaction.
Christopher H. Franklin elected as new independent director to the company's Board of Directors
HOUSTON, April 22, 2022 /PRNewswire/ -- CenterPoint Energy, Inc. (NYSE: CNP) announced the results of the voting by shareholders at its 2022 annual meeting held today.
Shareholders approved the election of existing directors Wendy Montoya Cloonan, Earl M. Cummings, David J. Lesar, Raquelle W. Lewis, Martin H. Nesbitt, Theodore F. Pound, Phillip R. Smith, and Barry T. Smitherman to serve on the company's Board of Directors for one-year terms. Shareholders also elected Christopher H. Franklin as a new independent director to the company's Board of Directors for a one-year term.
Since 1992, Franklin has served in various roles of increasing responsibility at Essential Utilities, Inc., formerly AquaAmerica, Inc., a public company providing regulated utilities, including water, wastewater and natural gas, to approximately 5 million customers in 10 states. He has served as CEO since 2015, and as Chairman since 2017.
In addition to his service on the Board of Directors of Essential Utilities, Franklin previously served on the Board of ITC Holdings from 2011 to 2016. He is active in the Pennsylvania community where he serves on a number of nonprofit and higher education boards, including the Chamber of Commerce for Greater Philadelphia, the University of Pennsylvania Board of Trustees and The Franklin Institute Board of Trustees. Franklin was named one of the Philadelphia Business Journal's Most Admired CEOs in 2017 and recognized by EY, formerly Ernst & Young, as an "Entrepreneur of the Year" in 2019 for the acquisition of Pittsburgh-based Peoples and his many years of successful leadership in the utility industry.
"We are very pleased to welcome Chris to our Board of Directors as CenterPoint Energy continues to refocus on its core regulated utility businesses," said Martin Nesbitt, Independent Chair of the Board. "We will benefit greatly from his extensive executive management experience, particularly with public regulated utilities, and his strategic leadership on major construction and capital projects. Chris' addition will further enhance the capabilities, experiences and skills we have represented on our Board."
Regarding his appointment to the Board of Directors, Franklin said, "I am honored to serve as a director of CenterPoint Energy and look forward to working with my fellow directors and the company's management team. CenterPoint Energy continues to demonstrate a track record of execution and performance, with actions to align its interests more closely with those of its shareholders and customers. I also look forward to supporting the company's long-term strategy to position it as a premium utility with industry-leading growth."
Franklin earned his Bachelor of Science degree from West Chester University of Pennsylvania and his MBA from Villanova University.
Shareholders also approved the ratification of the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for 2022 and the adoption of the CenterPoint Energy, Inc. 2022 Long-Term Incentive Plan. The advisory resolution on executive compensation was not approved by shareholders.
"We appreciate that our shareholders recognized CenterPoint Energy's Long-Term Incentive Plan is designed to attract and retain the talent to execute the company's long-term growth strategy, is consistent with its pay-for-performance philosophy, and aligns with the interests of all stakeholders," said CenterPoint Energy Board Member and Compensation Committee Chair Ted Pound. "We also value and respect the perspectives of our shareholders, and the Board will take their views on executive compensation into consideration as we evaluate an approach that will serve the company and our investors."
About CenterPoint Energy
As the only investor-owned electric and natural gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas. As of December 31, 2021, the company owned approximately
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SOURCE CenterPoint Energy, Inc.
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