OGE Energy Corp. Chairman, President and CEO Sean Trauschke today told the company’s shareholders that the company is “strong and built for the long term.”
Speaking at the company’s annual meeting, Trauschke said he was pleased with the performance of both OG&E, Oklahoma’s largest investor-owned utility, and Enable Midstream, in which the company owns interest, as both had contributed to the company’s ability to invest in its customers, and maintain utility rates that are 31 percent below the national average.
“2018 will be the benchmark the company uses to gauge future performance. OG&E completed its largest ever investment program, wrapping up more than $6 billion of infrastructure investment since 2011, on time, under budget and while receiving recognition as the safest utility in the Southeastern Electric Exchange,” Trauschke said. “At Enable, we’re seeing continued solid operational and financial results, while volumes are increasing across all of their business segments.”
Trauschke also said he’s proud of the company’s ability to maintain customer rates while reducing emissions and growing its customer base. “Overall plant emissions are significantly lower from 2005 levels, while our customer rates are actually lower today than in 2011. Keeping rates low is an important catalyst to attracting additional customers, which, in turn, helps us deliver increased shareholder value.”
Looking ahead, he said the company will continue to focus on growing the business through an enhanced customer experience at affordable rates. “The new assets we’ve put into operation have increased fleet resiliency for customer benefit. We will continue to leverage our smart meters and technology that increases reliability and reduces outage response and restoration times.”
The OGE Energy board of directors also declared a third quarter dividend of $0.365 per common share of stock, to be paid July 30, 2019, to shareholders of record July 10, 2019. The dividend was unchanged from the previous quarter. In September 2018, the company increased its dividend from $1.33 per share to $1.46 per share, marking the fifth consecutive year the dividend was increased 10 percent. This year marks the 73rd consecutive year OGE has paid dividends to shareholders.
In voting announced at the annual meeting, OGE Energy shareholders:
- Elected 10 members of the company’s board of directors to one-year terms:
- Frank A. Bozich, president and chief executive officer at Trinseo, was re-elected. He has been a director of OGE Energy since February 2016.
- James H. Brandi, former managing director of BNP Paribas Securities Corp., was re-elected. He has been a director of OGE Energy since February 2010.
- Peter D. Clarke, former partner of Jones Day, a law firm, was re-elected. He has been a director of OGE Energy since February 2018.
- Luke R. Corbett, former chairman and chief executive officer of Kerr-McGee, was re-elected. He has been a director of OGE Energy since December 1996.
- David L. Hauser, former chairman and chief executive officer of FairPoint Communications Inc., was re-elected. He has been a director of OGE Energy since July 2015.
- Judy R. McReynolds, chairman, president and chief executive officer of ArcBest Corporation, was re-elected. She has been a director of OGE Energy since July 2011.
- David E. Rainbolt, executive chairman of Bancfirst Corporation. He has been a director of OGE Energy since January 2019.
- J. Michael Sanner, former audit partner of Ernst & Young LLP, an accounting firm, was re-elected. Mr. Sanner has been a director of OGE Energy since September 2017.
- Sheila G. Talton, president and chief executive officer of Gray Matter Analytics, was re-elected. She has been a director of OGE Energy since September 2013.
- Sean Trauschke, current chairman, president and chief executive officer of OGE Energy Corp.and OG&E, was re-elected. He has been a director of OGE Energy since May 2015.
- Ratified the appointment of Ernst & Young LLP as the company’s principal independent accountants for 2019;
- Approved, on an advisory basis, the compensation paid to named executive officers;
- A shareholder proposal that requests that the board of directors take the steps necessary to change the voting requirements in the company’s governing documents that call for a greater than simple majority received a majority of the votes cast. Today’s vote on the shareholder proposal, however, does not change the current voting standards, as that would require an amendment to the company’s certificate of incorporation, which must be approved by holders of at least 80 percent of the company’s outstanding common stock.