Fortis Inc. shareholders approve board and compensation plan

ST. JOHN’S, Newfoundland and Labrador - Fortis Inc. (TSX/NYSE: FTS), a leading North American utility company with a market capitalization of $24.3 billion, announced today that its shareholders have voted in favor of all proposed resolutions at its Annual Meeting of Shareholders. The resolutions included the election of board directors, appointment of auditors, and a non-binding advisory vote on executive compensation. According to InvestingPro data, the company’s stock is trading near its 52-week high of $50.06, reflecting strong investor confidence.

During the meeting, shareholders elected 12 individuals to the company’s board of directors, with each nominee receiving a significant majority of the votes. The elected directors are set to serve until the next Annual Meeting or until their successors are appointed. The votes for the directors ranged from 95.62% to 99.49% in favor.

Additionally, the appointment of Deloitte LLP as the corporation’s auditors was approved with 99.46% of votes in favor, underscoring shareholder confidence in the auditing firm’s role for the upcoming year.

The advisory "Say on Pay" vote, which allows shareholders to express their opinion on the corporation’s executive compensation approach, passed with 94.19% votes for and 5.81% against. This non-binding vote indicates broad shareholder support for the company’s compensation strategy for its executives.

Fortis Inc. is a diversified leader in the regulated electric and gas utility industry in North America, with reported 2024 revenue of $12 billion and total assets amounting to $75 billion as of March 31, 2025. The company employs approximately 9,800 staff members and provides services to customers across five Canadian provinces, ten U.S. states, and three Caribbean countries.

The company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol FTS. This information is based on a press release statement issued by Fortis Inc. today.

In other recent news, Fortis Inc. reported strong fourth-quarter earnings that exceeded analyst expectations, highlighting the company’s robust financial performance. The company achieved adjusted earnings per share of $0.83, surpassing the analyst consensus estimate of $0.58, marking a 25.8% increase from the previous year’s same quarter. Fortis’ net earnings for the fourth quarter rose to $396 million, attributed mainly to rate base expansion and new customer rates at some subsidiaries. For the full year 2024, Fortis reported adjusted net earnings of $1.6 billion, with a 6% increase in earnings per share from the prior year. The company executed a $5.2 billion capital program, contributing to a 6% annual rate base growth.

In other developments, Raymond James adjusted its price target for Fortis to Cdn$62.50, up from Cdn$61.00, while maintaining a Market Perform rating. The firm noted Fortis’ strong 2024 performance and growth potential in sustainable investment areas. Additionally, Fortis announced its upcoming annual meeting of shareholders, scheduled for May 8, 2025, as disclosed in a Form 6-K filing with the U.S. Securities and Exchange Commission. The filing includes important materials for shareholders to review in preparation for the meeting.

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