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NRG Director Smitherman Won Strong Shareholder Support despite NYC Opposition
NRG Director Smitherman Won Strong Shareholder Support despite NYC Opposition
May 4, 2017
by Margarita Fournier; Copyright 2016 by Competitive Assets, LLC. All rights reserved
On 4/28/17, Reuters reported that Barry Smitherman won the election for a seat on NRG’s board. He was “elected to its board with a strong margin of votes cast, a securities filing showed on Friday, overcoming concerns about his comments on climate change and the intentions of the activist investors who backed him at the New Jersey power company. The result from NRG’s annual meeting, which was held Thursday morning at a hotel in Princeton, New Jersey but not disclosed at the time, showed a lack of support among investors for a campaign led by New York City Comptroller Scott Stringer against the director, Barry Smitherman. In an April 6 letter Stringer, who oversees New York City pension funds, urged investors to oppose Smitherman’s election, citing what he called the activists’ “short-term orientation” that did not consider the views of most other shareholders. Stringer also said Smitherman’s views on climate change should disqualify him to be a director of the company involved in renewable power like solar and wind energy.” Additionally, FuelFix reported on NRG’s earnings.
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