Top OGE exec recaps company's 2018 performance at annual shareholder meeting
OGE Energy is "strong and built for the long term."
Sean Trauschke, chairman, president and CEO, told shareholders that and more on Thursday during the company's annual meeting in Oklahoma City as he reviewed 2018’s performance of OGE’s Oklahoma Gas and Electric Co., the state’s largest investor-owned utility, and Enable Midstream, which is partially owned by OGE.
Trauschke said both helped the parent company invest in its customers through increasing reliability and reducing outages and restoration times, while maintaining utility rates 31% below the national average.
"2018 will be the benchmark the company uses to gauge future performance,” he said, noting the utility wrapped up work intended to reduce emissions and boost performance on time and under budget on more than $6 billion of infrastructure investments underway since 2011.
Also in 2018, the utility was recognized as the safest in the Southeastern Electric Exchange.
Looking ahead, Trauschke said the company intends to continue to grow its business by enhancing customer experiences and by offering affordable rates.
In voting results announced at the annual meeting, OGE Energy shareholders elected or re-elected Frank A. Bozich, James H. Brandi, Peter D. Clarke, Luke R. Corbett, David L. Hauser, Judy R. McReynolds, David E. Rainbolt, J. Michael Sanner, Sheila G. Talton and Trauschke to one-year terms and ratified the appointment of Ernst & Young as the company's principal independent accountant for 2019.
Shareholders approved, on an advisory basis, compensation paid to named executive officers.
They also voted on a proposal that requested the board change approval requirements to a simple majority on propositions seeking to change the company's governing documents.
Company officials said shareholders owning at least 80% of the company’s common stock needed to approve the measure before that amendment to the company's certificate of incorporation could be made. They said the final tally fell short of that mark.
The board on Thursday also set a quarterly dividend of 36.5 cents per share to be paid July 30 to shareholders of record on July 10.
This year marks the 73rd consecutive year OGE has paid dividends to shareholders, officials said.