Lazard shareholders approve board nominees, executive pay

NEW YORK - Lazard, Inc. (NYSE:LAZ), a global financial advisory and asset management firm with a market capitalization of $4.4 billion and an impressive gross profit margin of 90%, announced the results of its Annual Meeting of shareholders held on May 8, 2025. According to InvestingPro analysis, the company appears overvalued at current levels, though it maintains strong financial health with a GOOD overall rating. The company’s shareholders voted on several key proposals, as detailed in the company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on March 25, 2025.

The first item on the agenda was the election of directors. Shareholders elected Peter Harrison and Dan Schulman to the board, with 76,122,916 and 70,357,657 votes for, respectively. Votes withheld for Harrison and Schulman were 178,779 and 5,944,038, respectively. There were 11,196,954 broker non-votes for each candidate. This leadership decision comes as Lazard demonstrates strong financial stability, maintaining dividend payments for 21 consecutive years and currently offering a 4.3% dividend yield.

The second proposal was a non-binding advisory vote on executive compensation, often referred to as a "say on pay." This resolution passed with 50,784,395 votes for and 24,560,644 votes against. There were 956,656 abstentions and 11,196,954 broker non-votes.

The third and final proposal was the ratification of the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the year 2025 and authorization for the Board of Directors, acting by its Audit Committee, to set the firm’s remuneration. This proposal received overwhelming support, with 85,337,489 votes for, 2,131,577 against, and 29,583 abstentions.

These results reflect shareholder confidence in the company’s leadership and strategic direction. The approval of the executive compensation package also suggests shareholder agreement with the company’s approach to executive pay.

This news is based on a press release statement and the company’s recent SEC filing.

In other recent news, Lazard Ltd reported its first-quarter earnings, with an adjusted earnings per share (EPS) of $0.56, surpassing JMP’s expectations of $0.30 and the consensus estimate of $0.31. However, the company’s revenue of $648 million fell short of the anticipated $707.15 million, reflecting a challenging market environment. The financial advisory segment saw a decline in revenue, dropping 17% from the previous year, while asset management revenue decreased by 4% year-over-year. Despite these setbacks, Lazard’s stock rose in pre-market trading, as investors showed confidence in the company’s strategic initiatives and future growth prospects.

JMP analysts maintained a Market Outperform rating for Lazard, with a price target of $55, highlighting the firm’s robust client engagement across its business segments. The company’s compensation ratio was slightly above estimates, but non-compensation expenses were lower than expected. Lazard continues to execute its 2030 strategy, focusing on geographic and service diversification, including an expansion into global markets and product innovation. The firm also announced a strategic alliance with Arini Capital Management and opened a financial advisory office in Abu Dhabi. Looking forward, Lazard aims to improve asset management flows and capitalize on growth opportunities in the secondaries market, while navigating potential geopolitical uncertainties and tariff changes.

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