Guest Post from Darius Peek, a junior at Wayne State University in Detroit, MI, majoring in Finance who presented our proposal to allow shareowners to call special meetings.
ITC Holdings (ITC), the nation’s largest independent electric transmission company, held its annual shareholders meeting yesterday at its headquarters in Novi, Michigan. ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to connect to its transmission systems.
Discussed at the meeting were director nominations, an advisory vote on compensation, ratification of auditors, amendments to the employees stock purchase plan and a shareholder proposal to give those with 15% of outstanding common stock the power to call a special meeting, sponsored by James McRitchie and Myra K. Young of Elk Grove, California. According to the preliminary report, all measures were passed, except the shareholder proposal to facilitate calling special meetings.
After the business portion of the meeting, ITC management discussed past earnings, current performance, business strategy, and future expectations.
ITC reported both positive earnings and future expectations, as well as highlighting current achievements and awards. ITC competes with the DTE Energy, AES Corporation, and First Energy Corporation, to name a few, but unlike some of their competitors they demonstrate promising prospects:
- 10 Years of operations in 2013 and top tier levels of performance
- Delivering another record year of capital investments
- The 1000th order of their products and services
- Assets of $6.3 billion
- 15,000+ miles of lines over 7 states
- Total 2013 return of 27% outperforming the DJU
- 414% return since there IPO
- Eight straight dividend increases, with August’s dividend increased by 13%
- Operating Diluted EPS of $1.63 from $1.38 in 2012, an increase of .25
Despite some improvements needed in corporate governance, ITC appears to have a very bright future on their current path.
In unrelated news, ITC announced today that Cameron M. Bready, executive vice president and CFO, will resign from the company effective June 20, 2014 to accept a senior leadership position with a technology firm based in Atlanta, Ga. Rejji P. Hayes, the current vice president of Finance and Treasurer of ITC, has been named the company’s interim CFO. See ITC’s press release ITC Holdings Corp. Chief Financial Officer Resigns.