OGE Energy elects board of directors at annual meeting
OGE Energy held its 2024 Annual Meeting of Shareholders on May 16, virtually electing its board of directors and addressing several key items. Chairman, President, and CEO Sean Trauschke highlighted the company's dedication to providing reliable electricity to 900,000 customers. Trauschke emphasized the company's grid hardening efforts and commitment to low rates, contributing to community growth.
Shareholders elected 10 board members, ratified Ernst & Young LLP as principal accountants for 2024, and approved executive compensation. However, a shareholder proposal for a simple majority vote did not pass, receiving only 49% of the outstanding votes.
The board declared a third-quarter dividend of $0.4182 per share, payable on July 26, 2024. The dividend remained unchanged from the previous quarter.
- OGE Energy's operational execution and customer focus were highlighted as key factors for solid 2023 results.
- Continued grid hardening efforts have improved reliability for customers.
- OGE Energy maintains the lowest overall electricity rates in Oklahoma and Arkansas.
- Election of experienced board members from various industries to guide the company.
- Ratification of Ernst & Young LLP as principal accountants ensures continued financial oversight.
- Third-quarter dividend declared, signaling financial stability and shareholder value.
- Shareholder proposal for a simple majority vote failed, receiving only 49% of the votes, below the required 80%.
Chairman, President and CEO Sean Trauschke began the meeting by thanking the company's employees for their relentless pursuit to deliver safe, reliable and resilient electricity to nearly 900,000 customers every day.
"Our dedicated team's operational execution and commitment to our customers delivered solid results in 2023," Trauschke said. "Thanks to our continued customer focus and strong operations as we leverage our low rates and drive healthy community growth, we believe the future for OGE Energy is bright. I look forward to what the rest of 2024 brings."
Trauschke discussed the company's continued grid hardening efforts delivering improved reliability for customers at the lowest overall rates in
In voting announced at the meeting, OGE Energy shareholders:
- Elected 10 members of the company's board of directors to one-year terms. They are:
- Judy R. McReynolds, lead director, chairman, president and chief executive officer of ArcBest Corporation.
- Frank A. Bozich, president and chief executive officer at Trinseo PLC
- Peter D. Clarke, former of-counsel and partner of Jones Day, a law firm
- Cathy R. Gates, former assurance partner of Ernst & Young LLP
- David L. Hauser, former chairman and chief executive officer of FairPoint Communications Inc.
- Luther C. Kissam, IV, senior advisor with Bernhard Capital Partners
- David E. Rainbolt, executive chairman of BancFirst Corporation
- J. Michael Sanner, former audit partner of Ernst & Young LLP
- Sheila G. Talton, president and chief executive officer of Gray Matter Analytics
- Sean Trauschke, current chairman, president and chief executive officer of OGE Energy Corp. and OG&E
- Ratified the appointment of Ernst & Young LLP as the company's principal independent accountants for 2024;
- Approved, on an advisory basis, the compensation paid to named executive officers;
- The shareholder proposal regarding simple majority vote received
69% of the votes cast, but only49% of the outstanding votes, which is well below80% of the outstanding votes required to implement the changes.
Quarterly Dividend Declared
The OGE Energy board of directors also declared a third quarter dividend of
OGE Energy Corp. is the parent company of OG&E, a regulated electric company with approximately 900,000 customers in
This news release may contain "forward-looking" statements. Forward-looking statements are intended to be identified by words such as "anticipate," "believe," "intend," "plan," "expect," "continued," "goal," "may" or similar expressions. Factors that could affect actual results are listed in the reports filed by the Company with the Securities and Exchange Commission including those listed in Risk Factors in the Company's Form 10-K for the year ended December 31, 2023.
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SOURCE OGE Energy Corp.
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