OGE Energy's healthy, predictable community growth and strong operational execution deliver strong shareholder returns
OGE Energy Corp. (NYSE: OGE) held its 2022 Annual Meeting of Shareholders, where key actions included the election of nine board members and the ratification of Ernst & Young LLP as accountants for 2022. CEO Sean Trauschke highlighted the company’s commitment to safety and operational excellence, noting achievements and the completion of the Enable-Energy Transfer merger. Shareholders voted on several financial matters, approving a quarterly dividend of $0.41, unchanged from the previous quarter, payable July 29, 2022. However, a proposal to alter supermajority voting provisions was not approved.
- Strong operational execution led to solid performance post-Winter Storm Uri.
- 2021 marked the second safest year in OG&E's history.
- Continued commitment to shareholder value through technology investments.
- Quarterly dividend of $0.41 approved, maintaining consistency for shareholders.
- Supermajority voting provisions amendment was rejected by shareholders.
- Shareholder proposal for changes in voting provisions did not meet the required 80% approval.
OKLAHOMA CITY, May 19, 2022 /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE) virtually held its 2022 Annual Meeting of Shareholders today, electing its board of directors and taking action on a number of items.
Chairman, President and CEO Sean Trauschke began the meeting by thanking the company's employees for their commitment to energize life as they provide life-sustaining and life-enhancing products and services, strengthening our communities and making a difference through volunteerism and dedication to safety.
"I am grateful for our incredible employees whose strong execution led to a solid year, particularly following the headwinds after Winter Storm Uri," Trauschke said. "In February, OG&E celebrated the 120th anniversary of its formation, and as we reflect on our history, we know our success today is built upon the foundation laid by those who came before us."
Trauschke also discussed the company's focus on living safely in every aspect of its business. 2021 was OG&E's second safest year on record, making the last six years the safest in the company's history. He recognized the close of the Enable – Energy Transfer merger, the company's recognition as a 2022 Business Champion by Escalent, and key initiatives for the future including technology investments and shareholder value creation.
In voting announced at the meeting, OGE Energy shareholders:
- Elected nine members of the company's board of directors to one-year terms as follows:
- Judy R. McReynolds, lead director, chairman, president and chief executive officer of ArcBest Corporation.
- Frank A. Bozich, president and chief executive officer at Trinseo.
- Peter D. Clarke, former of-counsel and partner of Jones Day, a law firm.
- David L. Hauser, former chairman and chief executive officer of FairPoint Communications Inc.
- Luther C. Kissam, IV, partner with Bernhard Capital Partners.
- David E. Rainbolt, executive chairman of BancFirst Corporation.
- J. Michael Sanner, former audit partner of Ernst & Young LLP, was re-elected.
- 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 2022.
- Approved, on an advisory basis, the compensation paid to named executive officers.
- Did not approve an amendment of the Restated Certificate of Incorporation to eliminate supermajority voting provisions, as it received less than
80% of the outstanding shares of the Company's common stock required for passage. - Approved the 2022 Stock Incentive Plan.
- The shareholder proposal regarding modification of the supermajority voting provisions received
58.5% of the votes cast, but less than the80% 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
About OGE Energy Corp.
OGE Energy Corp. is the parent company of OG&E, a regulated electric utility with approximately 882,000 customers in Oklahoma and western Arkansas. In addition, as a result of the merger between Enable Midstream and Energy Transfer LP, OGE Energy Corp. owned approximately two percent of Energy Transfer's limited partnership units at the end of April 2022. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, NGL and refined product transportation and terminalling assets; and NGL fractionation.
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, 2021.
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SOURCE OGE Energy Corp.
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