Business Context and Reporting Period
This Form 8-K reports on the 2019 Annual Meeting of Limited Partners for Black Stone Minerals, L.P., held on June 13, 2019, in Houston, Texas. The filing details the results of three proposals submitted to security holders.
Key Financial Metrics
This filing is a current report regarding corporate governance and voting results. It does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metrics.
Material Changes
There are no material changes to financial operations or business strategy reported in this document. The filing solely documents the successful ratification of corporate governance items at the annual meeting.
Guidance, Outlook, and Voting Results
The following proposals were approved by the unitholders:
- Proposal 1 (Election of Directors): All eleven nominees for the Board of Directors of Black Stone Minerals GP, L.L.C. were elected. Votes ranged from approximately 118.3 million "For" to roughly 102,000 to 132,000 "Withheld" per nominee. There were 25,566,658 broker non-votes.
- Proposal 2 (Ratification of Auditors): The appointment of Ernst & Young LLP as the independent registered public accounting firm for the year ending December 31, 2019, was ratified. Votes were 144,033,238 "For," 19,887 "Against," and 389,333 "Abstain."
- Proposal 3 (Executive Compensation): The compensation of the General Partner's named executive officers for the fiscal year ended December 31, 2018, was approved on a non-binding advisory basis. Votes were 116,553,033 "For," 413,154 "Against," and 1,909,613 "Abstain."
The filing contains no forward-looking guidance, risk factors, or discussion of unusual items.
Important Facts for Investors to Verify
- Verify the composition of the newly elected Board of Directors and their tenure terms.
- Confirm the engagement of Ernst & Young LLP for the 2019 audit cycle.
- Review the proxy statement filed on April 25, 2019, for detailed compensation data regarding the named executive officers.
- Note the significant number of broker non-votes (25,566,658) on the director election and executive compensation proposals.