AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, today announced that shareholders overwhelmingly approved all presented proposals at its 2022 Annual Shareholder Meeting in Boston, Massachusetts. With overwhelming participation, approximately 98.5% of the shares present by proxy or in person, the vote indicates strong shareholder support for AVANGRID’s strategic direction and governance system.
The Chairman of AVANGRID’s Board of Directors, Ignacio Galán, addressed shareholders of the company at the annual meeting. During his speech, he reaffirmed the company's investment commitment to accelerating the energy transition: “AVANGRID is investing in renewables and electricity networks to support the clean energy transition and drive economic growth and job creation. We are bringing safe, reliable and affordable energy to our customers, while creating the clean energy solutions we all need for tomorrow through projects like Vineyard Wind 1, the nation’s very first commercial-scale offshore wind farm.”
Relevant Messages to Shareholders
- Record Investments: $3.3 billion invested in Networks and Renewables in 2021, an increase of approximately 20% over the previous year.
- Commitment to Customers: The company expanded its Networks rate base by 9% in 2021 to approximately $12 billion.
- Financial Results: Net Income rose 22% year-over-year in 2021. Additionally, Networks and Renewables each saw double digit growth in their earnings.
- Clean Energy Leader: The company’s 8.3 GW renewables fleet now produces enough emissions-free electricity to power approximately 2 million homes.
- Pioneer of Offshore Wind: Avangrid Renewables began construction on Vineyard Wind 1 and was awarded the largest offshore wind project in New England, Commonwealth Wind.
- Committed to corporate citizenship and to ESG leadership: The company’s total giving in 2021 amounted to $4.4 million. AVANGRID has been recognized by JUST Capital as one of America’s Most Just Companies for two consecutive years and is included in S&P’s Global Clean Energy Index.
At the annual meeting, the AVANGRID shareholders voted to elect each of the 14 nominees to the Board of Directors to serve one-year terms expiring at the Company’s 2023 annual meeting. The 14 members elected to AVANGRID’s Board of Directors include two new members:
- María Fátima Báñez García, Business Consultant and Advisor
- Camille Joseph Varlack, Founding Partner and Chief Operating Officer of Bradford Edwards & Varlack, LLP
The addition of these two individuals increases the percentage of directors on the Board who identify as woman or members of a minority group to approximately 30%. The addition of Báñez and Varlack also increases the number of independent board members to approximately 57%.
Mr. Galán commented, “I’m pleased to welcome Fátima and Camille to the AVANGRID Board. Their expertise in key areas, such as public policy, risk management and government relations, will drive growth and build long-term shareholder value for AVANGRID. I’m confident they will provide valuable perspectives as we continue to execute our strategy and build a clean energy future for our customers and communities.”
Additionally at the meeting, the AVANGRID shareholders voted to approve the following items proposed by the Board, with at least 98.6% of the votes cast in favor of each proposal:
- The ratification of the appointment of KPMG US, LLP as AVANGRID’s independent registered public accounting firm for 2022.
- Advisory approval of the compensation of AVANGRID’s named executive officers as described in the 2022 proxy statement.
- Advisory approval of one-year as the frequency of say on pay votes preferred by shareholders.
AVANGRID CEO Pedro Azagra added, “Over the last year, AVANGRID has taken bold steps to further our clean energy leadership and to accelerate transformation to a cleaner tomorrow. As a pioneer in offshore wind, smart grids, and other innovative technologies, like green hydrogen, we’re proud to be a central part of history in the making and are pleased to have our shareholders’ support as we continue to execute on our strategy.”
The final voting results will be available on a current report on Form 8-K that will be filed with the Securities and Exchange Commission and posted on AVANGRID’s website, www.avangrid.com. Click here to watch a recording of the shareholder meeting.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. Iberdrola S.A., a worldwide leader in the energy industry, directly owns 81.6% of the outstanding shares of AVANGRID common stock. For more information, visit www.avangrid.com.
About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.
With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
Forward Looking Statements
Certain statements in this release may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “would,” “could,” “can,” “expect(s),” “believe(s),” “anticipate(s),” “intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),” “guide(s),” “target(s),” “forecast(s),” “are (is) confident that” and “seek(s)” or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition of the business and other statements that are not historical facts. Such statements are based upon the current reasonable beliefs, expectations, and assumptions of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors are discussed and should be reviewed in our Form 10-K and other subsequent filings with the SEC. Specifically, forward-looking statements include, without limitation: the future financial performance, anticipated liquidity and capital expenditures; actions or inactions of local, state or federal regulatory agencies; the ability to recruit and retain a highly qualified and diverse workforce in the competitive labor market; changes in amount, timing or ability to complete capital projects; adverse developments in general market, business, economic, labor, regulatory and political conditions including, without limitation, the impacts of inflation, deflation, supply-chain interruptions and changing prices and labor costs; including the Department of Commerce's anticircumvention petition that could adversely impact renewable solar energy projects; the impacts of climate change, fluctuations in weather patterns and extreme weather events; technological developments; the impact of extraordinary external events, such as any cyber breaches or other incidents, grid disturbances, acts of war or terrorism, civil or social unrest, natural disasters, pandemic health events or other similar occurrences, including the ongoing geopolitical conflict with Russia and Ukraine; the impact of any change to applicable laws and regulations, including those subject to referendums and legal challenges affecting the ownership and operations of electric and gas utilities and renewable energy generation facilities, respectively, including, without limitation, those relating to the environment and climate change, taxes, price controls, regulatory approval and permitting; our ability to close the proposed Merger, the anticipated timing and terms of the proposed Merger, our ability to realize the anticipated benefits of the proposed Merger and our ability to manage the risks of the proposed Merger; the COVID-19 pandemic, its impact on business and economic conditions, including but not limited to impacts from consumer payment behavior and supply chain delays, and the pace of recovery from the pandemic; the implementation of changes in accounting standards; adverse publicity or other reputational harm; and other presently unknown unforeseen factors.
Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Other risk factors are detailed from time to time in our reports filed with the SEC, and we encourage you to consult such disclosures.