Energen Corporation (EGN) Annual Shareholders Meeting April 25, 2012 10:30 AM ET Executives James McManus – Chairman and CEO David Woodruff – VP, General Counsel and Secretary Dudley Reynolds – President, COO, Alabama Gas Corp Emily Law – City of New York Office Comptroller Julie Ryland – VP, IR K.R. Patel Presentation James McManus
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David WoodruffOn behalf of Mr. McManus and myself I report this company holds proxy for 65,115,403 shares of common stock which approximately (inaudible). James McManus If anyone else is holding proxies please identify yourself and deliver your proxies to Mr. Patel. If there is anyone who wishes to vote in person, please identify yourself to pick up your ballot from Mr. Patel. Mr. Patel what if the total number of shares of common stock present at the meeting? K.R. Patel Thank you Mr. Chairman. There are at least 65,115,423 shares present in person or by proxy which constitutes approximately 90% of the shares entitled to vote at this meeting of shareholders. James McManus The quorum is present and the meeting is now open for such businesses as might properly come before it. The first item on the agenda is the election of directors. Chair recognizes Mr. Reynolds. Dudley Reynolds Mr. Chairman I nominate Judy M. Merritt, Steven A. Snider and Gary C. Youngblood for election to the Board of Directors of Energen Corporation for a three year term to expire in 2015 and I nominate Jay Grinney for election to the Board of Directors of Energen Corporation for a one year term to expire in 2013. Unidentified Company Representative Mr. Chairman, I second the nominations made by Mr. Reynolds. James McManus The company has not received the required notice of other nominations and I declare the nominations closed. If all ballots and proxies have been turned in, I'll ask Mr. Patel to make his report regarding the election of directors at this time. K.R. Patel Thank you Mr. Chairman. Each of the four directors nominated by the board of election received at least 56,702,309 in favor or 87% of votes passed. James McManus In accordance with the judge's report, I declare the following persons have been duly elected directors of Energen Corporation served for the specified terms and until their successors have been elected and shall have qualified. I'll ask each of them to stand as his or her name is called. Judy Merritt, Steven Snider, Gary Youngblood, Jay Grinney.
I would also like to introduce our other directors and ask that each of them stand as his name or her name is called and remain standing until all have been introduced, Steve Bant, Julian Bant, Ken Duvet, Mike Goodrich, Dave Wilson and myself.We are also privileged to have with us some former directors; I will ask that each of them stand as I call their names as well. Jamie French and Mike Warren.
The chair recognizes Mr. Cook (ph) and Mrs. Ryland for the purpose of bringing before the meeting the next two items of business, each of which has been proposed by the Board of Directors. Unidentified Company Representative Mr. Chairman, I might be following two motions, I move that we ratify the appointment of Price Waterhouse Coopers LLP as the company's independent register public accounting firm for 2012 and I move that we adopt the executive compensation advisory resolution presented in the proxy statement. Julie Ryland I second each of the two motions made by Mr. Cook. James McManus Motions have been made and seconded with respect to the appointment of Price Waterhouse Coopers LLP and the advisory approval of executive compensation. If all ballots and proxies have been turned in, I will ask Mr. Patel to make his report regarding these two items of business. K.R. Patel Mr. Chairman the proposal to ratify the appointment of Price Waterhouse Coopers LLP received 64,781,534 votes in favor representing 99% of the vote cast. The proposal to adopt the executive compensation advisory resolution received 53,921,951 votes in favor representing 82% of the votes cast. James McManus In accordance with the judge's report, the appointment of Price Waterhouse Coopers is ratified and the executive compensation advisory resolution is adopted. Chair now recognizes Emily Law, representing the City of New York Office of the Comptroller for purposes of presenting the shareholder proposal set forth in the proxy statement. Read the rest of this transcript for free on seekingalpha.com