Friedman industries shareholders elect directors, reject Bylaw amendment

Friedman Industries Incorporated (NYSE American: FRD), a Texas-based steel manufacturing company, announced the results of its Annual Meeting of Shareholders that took place on September 18. The company confirmed the election of seven directors and addressed other key proposals.

Shareholders cast their votes to elect the Board of Directors, with all seven nominees successfully securing their positions. Michael J. Taylor received the highest number of votes in favor, with 4,010,397 shares supporting his election, and the least number of withheld shares at 146,098. The other directors elected were Durga D. Agrawal, Max Reichenthal, Sandy Scott, Tim Stevenson, Sharon Taylor, and Joe L. Williams, with varying numbers of votes for and withheld.

In addition to the director elections, shareholders voted on a non-binding advisory resolution regarding executive compensation. The proposal received substantial support, with 3,932,832 votes for and 200,780 against, along with 22,883 abstentions. The compensation plan outlined in the company's 2024 proxy statement was thus approved.

Another significant vote was on the ratification of Moss Adams LLP as Friedman Industries' independent registered public accounting firm for the fiscal year ending March 31, 2025. This proposal was overwhelmingly approved, with 5,383,273 votes for, 37,270 against, and 5,807 abstentions.

However, a proposed amendment to the company's Articles of Incorporation faced a setback. The amendment, which would have granted shareholders the power to amend the company's Bylaws, did not receive the required two-thirds majority of the outstanding shares entitled to vote. The votes tallied 3,953,549 for, 178,283 against, and 24,663 abstentions, resulting in the proposal's rejection.

The outcomes of these votes were filed with the U.S. Securities and Exchange Commission on September 20, 2024, as detailed in the company's Form 8-K. This document serves as the official record of the proceedings and outcomes of the Annual Meeting of Shareholders.

In other recent news, Friedman Industries has declared a regular cash dividend of $0.04 per share, marking its 211th consecutive quarterly cash dividend since its debut on the public market in 1972. This dividend is scheduled for payment on November 15, 2024, to shareholders registered as of October 25, 2024.

The company's Board of Directors, which reviews the dividend policy on a quarterly basis, aims to uphold a stable dividend that could potentially increase, depending upon the company's financial standing and operational performance.

It's important to note that while Friedman Industries has a robust history of quarterly dividends since its initial public offering, future dividends are not guaranteed and remain at the discretion of the Board. These developments are part of the company's recent activities, as outlined in a press release statement from Friedman Industries.

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