Pentair Announces Plan to Implement Proxy Access
October 05 2016 - 6:45AM
MANCHESTER, United Kingdom - October 5, 2016 -
Pentair plc (NYSE: PNR) today announced it is planning to submit to
a vote of shareholders at its 2017 annual general meeting
amendments to its articles of association to implement proxy
access. The amendments to the articles of association will
become effective immediately after the 2017 annual general meeting
if approved by shareholders.
Randall J. Hogan, Pentair Chairman and CEO stated,
"The decision of the Pentair board of directors to seek shareholder
approval to implement proxy access is consistent with Pentair's
commitment to good corporate governance practices."
Proxy access allows eligible shareholders to place
their own director nominees on the company's proxy card, along with
candidates nominated by the company's board of directors. The
amendment to the Pentair articles of association would provide that
individual shareholders or groups of shareholders who hold 3
percent or more of outstanding Pentair shares for at least 3 years
and comply with specified procedural and disclosure requirements
could include in Pentair's proxy materials shareholder-nominated
director candidates. The number of shareholder-nominated director
candidates would be limited to the greater of two or 20 percent of
the directors then serving.
ABOUT PENTAIR
Pentair plc (www.pentair.com) delivers
industry-leading products, services and solutions for its
customers' diverse needs in water and other fluids, thermal
management and equipment protection. With 2015 revenues of $6.4
billion, Pentair employs approximately 28,000 people worldwide.
CAUTION CONCERNING
FORWARD-LOOKING STATEMENTS
This press release contains
statements that we believe to be "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements, other than statements of historical fact
are forward-looking statements. Without limitation, any statements
preceded or followed by or that include the words "targets,"
"plans," "believes," "expects," "intends," "will," "likely," "may,"
"anticipates," "estimates," "projects," "should," "would,"
"positioned," "strategy," "future" or words, phrases or terms of
similar substance or the negative thereof, are forward-looking
statements. These forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties,
assumptions and other factors, some of which are beyond our
control, which could cause actual results to differ materially from
those expressed or implied by such forward-looking statements.
These factors include the company's ability to complete the sale of
Valves & Controls on anticipated terms and timetable, overall
global economic and business conditions, including worldwide demand
for oil and gas; the ability to achieve the benefits of our
restructuring plans; the ability to successfully identify, finance,
complete and integrate acquisitions, including the ability to
successfully integrate and achieve the expected benefits of the
acquisition of ERICO Global Company; competition and pricing
pressures in the markets we serve; the strength of housing and
related markets; volatility in currency exchange rates and
commodity prices; inability to generate savings from excellence in
operations initiatives consisting of lean enterprise, supply
management and cash flow practices; increased risks associated with
operating foreign businesses; the ability to deliver backlog and
win future project work; failure of markets to accept new product
introductions and enhancements; the impact of changes in laws and
regulations, including those that limit U.S. tax benefits; the
outcome of litigation and governmental proceedings; and the ability
to achieve our long-term strategic operating goals. Additional
information concerning these and other factors is contained in our
filings with the U.S. Securities and Exchange Commission ("SEC"),
including in our 2015 Annual Report on Form 10-K. All
forward-looking statements speak only as of the date of this
report. We assume no obligation, and disclaim any obligation, to
update the information contained in this report.
# # #
Pentair
contact:
Jim
Lucas
Vice President, Investor Relations & Strategic
Planning
Tel.:
763-656-5575
E-mail: jim.lucas@pentair.com
Rebecca Osborn
Senior Manager, External Communications
Tel.: 763-656-5589
E-mail: rebecca.osborn@pentair.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Pentair plc via Globenewswire
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