Real Goods Solar reports the voting results from its annual meeting of its stockholders held this morning. Shareholder proposals passed by wide margins.
- Approved the reelection of company directors, as well as election of Richard White and Ian Bowles as directors
- Approved the compensation of named executive officers on an advisory basis
- Approved a proposal to hold future advisory votes on named executive officer compensation every three years
Kam Mofid, Real Goods Solar CEO, commented: “Our shareholders proposals passed by wide margins. Our board and management believe the election of Richard White and Ian Bowles as directors further strengthens our board and our overall corporate governance.”
Bowles has served as secretary of Energy and Environmental Affairs of Massachusetts, as well as on the White House staff for President Bill Clinton. He previously held the posts of senior director of global environmental affairs at the National Security Council and associate director of the White House Council on Environmental Quality.
“The company and the board will also very much benefit from Ian’s extensive experience and knowledge in energy and environmental regulations and related policies,” Mofid said.
In August this year the company announced it signed a definitive agreement to acquire Mercury Solar Systems in a merger transaction. Based in Port Chester, New York, Mercury is one of the region’s top solar companies.
“We thank shareholders for approving our 2013 annual meeting proposals, as well as remind shareholders to vote for the important shareholder proposals at our upcoming special meeting next month, especially voting for our merger with Mercury,” continued Mofid. “Our board of directors has approved the transaction and recommends a ‘yes’ vote. Our management and our board of directors believe that the merger with Mercury will position us as one of the largest U.S. solar installers, increase our financial resources and stability, and provide us with superior access to efficient growth capital. We believe that the expected synergies arising from the merger, including expanded market presence in the important Northeast region as well as anticipated cost savings, will position us for further growth and success in 2014 and beyond.”