Flowserve Holds 2024 Annual Meeting of Shareholders

Rhea-AI Summary

Flowserve Corp. (NYSE: FLS) held its 2024 Annual Meeting of Shareholders virtually on May 16, 2024. Shareholders elected 11 directors to serve until the 2025 meeting. An advisory vote on executive compensation passed with 94.6% approval, and PricewaterhouseCoopers LLP was ratified as the independent auditor for 2024. The Employee Stock Purchase Plan was overwhelmingly approved with 99.9% in favor. A shareholder proposal on political spending was rejected by 73.7% of voters. Detailed voting results will be available in a Form 8-K filing.

Positive

• Shareholders approved the advisory vote on executive compensation with 94.6% in favor.
• PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for 2024.
• The Employee Stock Purchase Plan received overwhelming support, with 99.9% votes in favor.

Negative

• A proposal requesting a report on the company's political spending and related policies was rejected by 73.7% of shareholders.

DALLAS--(BUSINESS WIRE)-- Flowserve Corp. (NYSE: FLS) (the “Company”), a leading provider of flow control products and services for the global infrastructure markets, held its virtual 2024 Annual Meeting of Shareholders on May 16, 2024.

Concerning the official business of the meeting, the Company announced that its shareholders elected Sujeet Chand, Ruby R. Chandy, Gayla J. Delly, John L. Garrison, Cheryl H. Johnson, Michael C. McMurray, Thomas B. Okray, David E. Roberts, R. Scott Rowe, Kenneth I. Siegel, and Carlyn R. Taylor to the Company's Board of Directors, each to serve an annual term expiring at the 2025 Annual Meeting of Shareholders.

Biographies for all members of the Board can be found in the Company's 2024 Proxy Statement or on www.flowserve.com.

Voting results also indicated that shareholders approved an advisory vote on executive compensation, voting approximately 94.6 percent in favor of the proposal.

Shareholders ratified the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for 2024.

Additionally, shareholders also approved the Company’s Employee Stock Purchase Plan, voting approximately 99.9 percent in favor of the proposal.

Shareholders rejected a shareholder proposal requesting a report on the Company’s political spending and policies and procedures regarding political spending, voting approximately 73.7 percent against the proposal.

Final voting results on all agenda items will be available in a Current Report on Form 8-K to be filed by the Company following certification by the Company's inspector of elections.

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; any continued volatile regional and global economic conditions resulting from the COVID-19 pandemic on our business and operations; global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240516635512/en/

Jay Roueche, Vice President, Treasurer and Investor Relations, (972) 443-6560

Tarek Zeni, Director, Investor Relations, (469) 420-4045

Source: Flowserve Corp.

FAQ

When was Flowserve's 2024 Annual Meeting of Shareholders held?

Flowserve's 2024 Annual Meeting of Shareholders was held virtually on May 16, 2024.

What was the outcome of the advisory vote on executive compensation for Flowserve (FLS)?

The advisory vote on executive compensation for Flowserve (FLS) was approved with 94.6% in favor.

Who was ratified as Flowserve's independent registered public accounting firm for 2024?

PricewaterhouseCoopers LLP was ratified as Flowserve's independent registered public accounting firm for 2024.

Did shareholders approve Flowserve's Employee Stock Purchase Plan?

Yes, Flowserve's Employee Stock Purchase Plan was approved with 99.9% of the vote.

What was the result of the shareholder proposal on Flowserve's political spending?

The shareholder proposal on Flowserve's political spending was rejected by 73.7% of shareholders.