NextEra shareholder sea level rise proposal defeated, but it’s not over

NextEra held its annual shareholders meeting today in Oklahoma City.

NextEra held its annual shareholders meeting today in Oklahoma City.

NextEra Energy Inc.’s shareholders today voted down a resolution that would have required the company  to provide a report assessing the risks and costs of sea level rise  scenarios projecting forward to 2100.

The vote at the company’s annual shareholders meeting held this morning in Okalahoma City was 65 percent against and 35 percent in favor.

The meeting lasted 17 minutes, and no shareholders asked any questions following a brief company overview by NextEra CEO Jim Robo.

NextEra is the parent company of Florida Power & Light Co., and both are headquartered in Juno Beach.

Alan Farago, a Coral Gables resident who submitted the sea level analysis proposal along with Lisa Versaci,  said Thursday, “I am pleased because I didn’t have the time or ability to do a marketing campaign the way the company has the ability to do. To get 35 percent of the vote is a good result, and we will be back.

“Sea level rise isn’t going away and neither are the shareholders who think that corporations ought to be accountable to investors,  especially in such an important activity  as electricity generation,” Farago said.

In other action, shareholders approved a measure that gives certain shareholders the right to nominate candidates for its board of directors. It’s unclear what the impact will be of the proposal approved by 73 percent of the shareholders

Shareholders, with 92 percent of those voting in favor, approved the 12 nominees for the board of directors, all of whom have already been serving.

Robert Beall, chairman of retail chain Beall’s, with retired from the board immediately before the meeting, reducing the board to 12 people.

The re-appointment of Deloitte & Touche LLP as NextEra’s independent public accounting firm for 2016 passed with 98 percent of shareholders approving.

Shareholders also approved the company’s compensation of its executive officers and its performance-based compensation plan.

The Comptroller of New York, Thomas DiNapoli, trustee of the New York State Common Retirement Fund, which owns more than 1.2 million share of NextEra stock,  sought to require the company  to fully disclose its political donations.

The proposal, which was defeated with 55 percent against it, would have required NextEra  to disclose all of its political spending, including payments to trade associations and other tax-exempt organizations used for political purposes. The same proposal was voted down in 2015.

 

 

 

 

 

 

 

 

 

Reader Comments 0

0 comments