OGE Corp. annual meeting to be held in May


The annual shareholders meeting of Oklahoma Gas and Electric Energy Corp. will be a virtual event next month.

The company announced the shareholders meeting  in a proxy statement filed with the SEC and said it will be held May 16, a Thursday and start at 10 a.m.

Sean trauschke, Chairman, President and CEO of the Corporation thanked shareholders for investing in the company and pointed out 2023 was “another year of strong results” for OGE Energy Corp. and OG&E.

“Our noble purpose is to energize life for our customers each and every day,” he wrote in an opening letter that announced the proxy filings for the meeting.

Shareholders are asked to elect 10 persons to the board of direcotrs. They include Frank A. Bozich, Peter D. Clarke, Cathy R. Gates, David L. Hauser, Luther C. Kissam, IV, Judy R. McReynolds, David E. Rainbolt, J. Michael Sanner and  Sheila G. Talton.

Each of these nominees is currently a director of the Company and OG&E.

Shareholders are being asked, according to the proxy statement filed with the Securities and Exchange Commission, to also ratify the appointment of Ernst & Young LLP as the company’s principal independent accountants for 2024.

A third proposal to be voted on is the named executive officer compensation.

A fourth proposal is one from John Chevedden of California, owner of no fewer than 100 shares of OGE Energy Corp. He gave notice of his call for a “simple majority vote” rather than the existing “supermajority” vote which Chevedden opposes.

He stated so in his request.

“Shareholders are willing to pay a premium for shares of companies that have excellent corporate governance. Supermajority voting requirements have been found to be one of 6 entrenching mechanisms that are negatively related to company performance according to “What Matters in Corporate Governance” by Lucien Bebchuk, Alma Cohen and Allen Ferrell of the Harvard Law School. Supermajority requirements like those at our Company are used to block corporate governance improvements supported by most shareowners but opposed by a status quo management.”

The board of directors is urging shareholders to vote against the proposal.

“While some corporations have eliminated supermajority provisions, we do not believe that a formulaic, one-size-fits-all approach, as suggested by the proponent, is appropriate. The Board believes that more meaningful voting requirements are appropriate for issues that have a long-lasting effect on the Company.”