Business Context and Reporting Period
This Form 8-K reports on the 2014 Annual Meeting of Stockholders held by Energy Recovery, Inc. on June 20, 2014, in San Leandro, California. The filing details the voting results for three proposals submitted to security holders.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. It is a corporate governance report regarding stockholder voting outcomes.
Material Changes
No material financial changes are reported in this document. The primary events are the election of directors and the ratification of the independent auditor.
Outlook, Risks, and Voting Results
As of the April 21, 2014 record date, 51,507,098 shares were outstanding. A quorum of approximately 79.09% (40,739,442 shares) was represented at the meeting. The voting results were as follows:
- Proposal 1: Election of Class III Directors
- Robert Yu Lang Mao: Elected with 99.08% of votes cast.
- Thomas S. Rooney, Jr.: Elected with 99.01% of votes cast.
- Dominique Trempont: Elected with 76.57% of votes cast (6,570,880 votes against).
- Proposal 2: Ratification of Independent Auditor
- BDO USA, LLP was ratified with 99.03% of votes cast.
- Proposal 3: Advisory Resolution on Executive Compensation
- Approved with 66.37% of votes cast (8,985,845 votes against).
Investor Verification Checklist
- Verify the specific term length and responsibilities of the newly elected Class III Directors.
- Review the full Proxy Statement filed on April 25, 2014, for detailed background on the executive compensation advisory vote.
- Confirm the appointment of BDO USA, LLP as the independent auditor for the fiscal year ending December 31, 2014.