Otter Tail Corp
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2023 · Filed Feb 28, 2024
Contents
Proxy Summary
MEETING DETAILS
| DATEApril 8, 2024 | TIME10:00 A.M. (CDT) | PLACEwww.virtualshareholdermeeting.com/OTTR2024 |
WAYS TO VOTE
| BY TELEPHONE | BY INTERNET | BY MAIL |
VOTING MATTERS
| Proposal | Description | BoardRecommendation | PageReference |
|---|---|---|---|
| 1 | To elect three Directors to Otter Tail Corporation’s Board of Directors to serve terms of three years expiring in April 2027 and until their successors are duly elected and qualified. | FOR | 9 |
| 2 | To approve, in a non-binding advisory vote, the compensation provided to the Named Executive Officers as described in the Proxy Statement. | FOR | 63 |
| 3 | To ratify the appointment of Deloitte & Touche, LLP as Otter Tail Corporation’s independent registered public accounting firm for the year 2024. | FOR | 65 |
Otter Tail Corporation |1 | 2023 Proxy Statement
| Proxy Summary | Table of Contents |
BOARD NOMINEES
| Name · Age · DirectorSince · Independence · AuditCommittee · Compensationand HumanCapital ManagementCommittee · CorporateGovernanceCommittee | |||||
|---|---|---|---|---|---|
| Nominees for Election at the Annual Shareholder Meeting in April 2024: | |||||
| Mary E. Ludford | 64 | 2023 | n | n | |
| Charles S. MacFarlane | 59 | 2015 | |||
| Thomas J. Webb | 71 | 2018 | n | l | |
| Continuing Directors: | |||||
| Jeanne H. Crain | 64 | 2023 | n | n | |
| John D. Erickson | 65 | 2007 | |||
| Steven L. Fritze | 70 | 2013 | l | n | |
| Dr. Kathryn O. Johnson | 69 | 2013 | n | n | |
| Dr. Michael E. LeBeau1 | 51 | 2022 | n | n | |
| Nathan I. Partain | 67 | 1993 | |||
| l | Chair | n | Member |
|---|
(1)Upon notice of Karen Bohn’s decision not to stand for re-election, the Board elected Dr. Michael LeBeau to serve as Chair of the Governance Committee following the 2024 Annual Meeting, when Ms. Bohn’s term will end.
Otter Tail Corporation |2 | 2023 Proxy Statement
| Table of Contents | Proxy Summary |
|---|
| 2023 PERFORMANCE HIGHLIGHTS•Otter Tail Corporation produced record earnings of $294 million in 2023•85th consecutive year of paying dividends to our shareholders•Total shareholder return: 1 year 48%; 3 year 116%; 5 year 97%•Consolidated return on equity of 22% on an equity ratio of 61%•Balanced capital allocation strategy - returning money to shareholders through dividends while also reinvesting into our business to fuel future growth•Electric utility’s 5 year capital plan of $1.3 billion produces an expected rate base compounded annual growth rate of 7.7% | ||
| KEYPERFORMANCE INDICATORS | ||
| 2023 revenues$1.3billion | ||
| 2023 net income$294million | INVESTMENT HIGHLIGHTS | |
| Balanced Growth and Income Strategy | ||
| 2023 earnings$7.00per share | ||
| Stable and Growing Utility Base | ||
| Successful Manufacturing Businesses | ||
| 2023 dividend$1.75per share | ||
| Investment Grade Credit Quality | ||
Otter Tail Corporation |3 | 2023 Proxy Statement
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.