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In a recent shareholder meeting, Mexco Energy Corporation, an oil and natural gas company, announced the election of its board of directors and the ratification of its independent auditor. The 2024 Annual Meeting of Stockholders, which took place on Tuesday, September 10, 2024, saw the re-election of six directors to serve until the 2025 Annual Meeting.
The directors re-elected are Michael J. Banschbach, Kenneth L. Clayton, Thomas R. Craddick, Thomas H. Decker, Christopher M. Schroeder, and Nicholas C. Taylor. The election results indicated strong shareholder support with Michael J. Banschbach receiving the highest number of votes for, at 1,480,596, and Nicholas C. Taylor receiving the least number of votes withheld, at 664.
Moreover, the shareholders ratified the appointment of Weaver and Tidwell, L.L.P. as the company's independent registered public accounting firm for the fiscal year ending March 31, 2025, with an overwhelming majority of votes in favor. The proposal received 1,740,461 votes for, only 1 vote against, and 10,675 abstentions.
A non-binding advisory resolution regarding the compensation of the company's named executive officers was also approved, with 1,492,675 votes for, 1,463 against, and 295 abstentions. This indicates a general approval of the company's executive compensation practices among its shareholders.
The information provided in this article is based on the latest 8-K filing by Mexco Energy Corporation with the Securities and Exchange Commission (SEC). The filing, dated today, September 13, 2024, outlines the details of the voting outcomes for each proposal presented at the Annual Meeting.
The company, headquartered in Midland, Texas, operates within the crude petroleum and natural gas industry and is listed on the NYSE American under the ticker symbol MXC. Mexco Energy Corporation has a history dating back to its former name, Miller Oil Co., which changed in 1980.
The shareholder meeting's outcomes are crucial for Mexco Energy Corporation as they reflect investor confidence in the company’s leadership and governance practices. The re-election of the board members and the ratification of the auditor are indicative of the shareholders' trust in the company's strategic direction and financial reporting integrity.
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