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On May 21, 2025, Maui Land & Pineapple Company, Inc. (NYSE:MLP) conducted its annual meeting of stockholders, where several key proposals were voted upon. The Lahaina, Maui-based real estate company, which had 19,742,784 shares of common stock outstanding as of the record date, March 27, 2025, reported the results of the voting in a recent SEC filing.
The first proposal concerned the election of seven directors to serve one-year terms until the 2026 annual meeting. All nominees were elected, with the number of votes cast for each ranging from 13,238,487 to 14,442,761, and no broker non-votes were reported.
The second proposal was an advisory vote on the compensation of the company’s named executive officers. Stockholders approved the compensation, with 13,553,101 votes in favor, 912,932 against, and 10,072 abstentions. According to InvestingPro data, this vote comes as the company faces profitability challenges, with negative earnings and EBITDA in the last twelve months, and an overall weak financial health score.
The third proposal addressed the frequency of future advisory votes on executive compensation. A majority of stockholders favored annual votes, with 13,962,056 votes for the 1-year option, significantly outweighing the alternatives.
Finally, stockholders approved the fourth proposal, which sought to amend the 2017 Equity and Incentive Award Plan by increasing the total number of shares reserved for issuance by 800,000. The votes in favor totaled 13,865,843, with 600,625 against and 9,637 abstentions.
Following the stockholders’ preference for annual advisory votes on executive compensation, the company’s board of directors has decided to hold such votes annually until the next vote on the frequency of stockholder votes on executive pay.
This report is based on information contained in a Form 8-K filed by Maui Land & Pineapple Company, Inc. with the SEC.
In other recent news, Maui Land & Pineapple Company Inc. (MLP) reported a robust financial performance for the fourth quarter of 2024, with revenue reaching €1,067 million, marking a 10% increase from the previous year. The company’s earnings before interest and taxes (EBIT) improved to €95 million, and it recorded a net profit of €69.3 million. Additionally, MLP announced a proposed dividend increase of 20% to €0.36 per share. Despite these strong financial results, the company’s stock experienced a decline, which may reflect broader market trends or investor caution. MLP has set an ambitious EBIT target of €100-110 million for 2025, with further growth anticipated in the mid-term. The company also plans to expand its assets under management to €75-81 billion by 2028. Analysts noted the company’s strategic initiatives, including the development of AI-powered digital assistants and a digital claims processing system, which underscore its commitment to innovation. The company continues to enhance its competitive position by managing €63.1 billion in assets.
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