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STERIS plc (NYSE:STE), a global leader in infection prevention, decontamination, and surgical support, announced the results of its Annual General Meeting (AGM) held on Thursday. The company, which is incorporated in Ireland, saw its shareholders vote on several key proposals, including the election of board members and ratification of auditors.
At the AGM, shareholders elected all nominated directors to the board for a one-year term. The voting results were a clear endorsement for most nominees, with significant majorities in favor. Dr. Richard M. Steeves received overwhelming support with 88,063,034 votes for his election.
The proposal to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending March 31, 2025, was approved with 82,980,785 votes in favor. A similar proposal to appoint Ernst & Young Chartered Accountants as the company's statutory auditor under Irish law until the next AGM also passed with strong shareholder support.
Additionally, the Board's authority to issue authorized but unissued shares under Irish law was renewed, and shareholders approved the renewal of the Board’s authority to opt-out of statutory pre-emption rights under Irish law regarding the issuance of shares for cash.
The compensation of the company's named executive officers, as disclosed in the proxy statement dated June 12, 2024, received a non-binding advisory approval with 82,283,019 votes in favor.
The high attendance rate at the AGM, with 92,479,253 Ordinary Shares represented, showed strong shareholder engagement, amounting to 93.55% of the outstanding Ordinary Shares of the company.
STERIS's commitment to transparency and regulatory compliance was further underscored by the prompt filing of the 8-K report detailing the AGM outcomes. The results of the shareholder votes reaffirm the confidence in the current leadership and strategic direction of the company.
In other recent news, STERIS plc reported robust financial results, with a 10% increase in total revenue for the fourth quarter, and adjusted earnings per diluted share reaching $2.58. For the full fiscal year, STERIS reported a 12% increase in total revenue and adjusted earnings per diluted share of $8.83. The company's Healthcare segment was a standout, achieving a 7% constant currency organic revenue growth. Piper Sandler, an investment firm, maintained a Neutral stance on STERIS, despite updates to the company's financial model.
The firm's adjustments accounted for the recent sale of STERIS's Dental segment, which concluded with approximately $800 million used for early debt reduction. However, Piper Sandler made no changes to the forward revenue projections for STERIS. The company also announced a restructuring plan focusing on core customers for sustainable growth. These are recent developments that have drawn significant attention from investors.
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