New Jersey Resources Hosts 70th Annual Meeting; Shareowners Elect Four Directors

Rhea-AI Summary

New Jersey Resources (NJR) held its 70th Annual Shareowners Meeting, where shareowners elected Michael A. O'Sullivan for a two-year term and re-elected Jane M. Kenny, Sharon C. Taylor, and Stephen D. Westhoven for three-year terms. Two directors, Robert B. Evans and David A. Trice, retired. The company emphasized the importance of good governance for long-term performance. Shareowners approved a non-binding advisory resolution on executive compensation and ratified Deloitte & Touche LLP as the accounting firm for the fiscal year ending September 30, 2023. NJR is dedicated to providing reliable natural gas and clean energy services in New Jersey.

Positive

• Shareowners demonstrated strong support for board members, indicating confidence in company governance.
• NJR's commitment to growth and sustainability strategies could drive long-term shareholder value.

Negative

• None.

WALL, N.J.--(BUSINESS WIRE)-- New Jersey Resources (NYSE: NJR) today hosted its 70^th Annual Shareowners Meeting. At the virtual meeting, shareowners elected to NJR’s board of directors Michael A. O’Sullivan for a two-year term that will expire in 2025 and re-elected Jane M. Kenny, Sharon C. Taylor and Stephen D. Westhoven for three-year terms that will expire in 2026.

“Good governance is critical to ensuring effective business operations and consistent long-term performance,” said Steve Westhoven, President and CEO of New Jersey Resources. “I appreciate shareowners’ overwhelming support for our directors and confidence in our company. NJR has an exceptional board whose diverse and broad expertise serves our customers, company and stakeholders well. We will continue to reward our shareowners’ trust by executing on our growth and sustainability strategies and delivering long-term value.”

Also at the meeting, two longtime directors, Robert B. Evans and David A. Trice, retired from the board.

A veteran of the energy industry, Mr. Evans joined NJR’s board on July 20, 2009, following a career at Duke Energy, where he served as President and CEO of Duke Energy Americas. During his 13 years as a director at NJR, he contributed his deep industry knowledge and was a member of the Audit, Financial Policy, Executive, Leadership Development and Compensation Committees.

Mr. Trice joined NJR’s board of directors on March 10, 2004, and was a member of the Executive, Financial Policy and Nominating and Corporate Governance Committees and Chair of the Leadership Development and Compensation Committee. An accomplished business leader, Mr. Trice previously served as President and Chief Executive Officer of Newfield Exploration Company, an oil and natural gas exploration and production company.

“I would like to thank Bobby and David for their wise counsel and contributions to our board,” Mr. Westhoven said. “They served with distinction and helped make New Jersey Resources a better, stronger company.”

In other business, shareowners approved a non-binding advisory resolution on the compensation of NJR’s named executive officers, a non-binding proposal on the frequency of the non-binding shareowner vote on compensation of NJR’s named executive officers and ratified the appointment of Deloitte & Touche LLP as its independent registered public accounting firm for the fiscal year ending September 30, 2023.

ABOUT NEW JERSEY RESOURCES

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,700 miles of natural gas transportation and distribution infrastructure to serve over 569,300 customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.

• Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 386 megawatts, providing residential and commercial customers with low-carbon solutions.

• Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.

• Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.

• Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

For more information about NJR:

www.njresources.com.
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230125005642/en/

Media:

Mike Kinney

732-938-1031

mkinney@njresources.com

Investor:

Adam Prior

732-938-1145

aprior@njresources.com

Source: New Jersey Resources

FAQ

What significant governance changes occurred at New Jersey Resources during the 70th Annual Shareowners Meeting?

At the meeting, Michael A. O'Sullivan was elected for a two-year term, while Jane M. Kenny, Sharon C. Taylor, and Stephen D. Westhoven were re-elected for three-year terms.

Who retired from the board of New Jersey Resources at the recent shareowners meeting?

Robert B. Evans and David A. Trice retired from the board.

What resolutions did shareowners approve regarding executive compensation at NJR?

Shareowners approved a non-binding advisory resolution on the compensation of NJR’s named executive officers.

Who was appointed as the independent auditor for New Jersey Resources for the fiscal year ending September 30, 2023?

Deloitte & Touche LLP was ratified as the independent registered public accounting firm.