Re: HIG pig directors remain entrenched and management overpaid
Too bad Paulson didn't go hostile on this underperforming company. :(
The Hartford Announces Results of 2012 Annual Meeting
May 16, 2012 14:10:00 (ET)
HARTFORD, Conn., May 16, 2012 (BUSINESS WIRE) -- At its annual shareholder meeting today, The Hartford announced that shareholders reelected the company's board of directors, ratified the selection of the company's independent registered public accounting firm, and supported the compensation of the company's named executive officers through an advisory vote.
"We have made major improvements in our foundational capabilities by strengthening the balance sheet, enhancing financial flexibility, and establishing enterprise risk management practices," said The Hartford's Chairman, President and CEO Liam E. McGee. "Going forward, we will operate The Hartford with a sharper focus, concentrating our attention and resources on our Property & Casualty, Group Benefits, and Mutual Funds businesses. We will also continue to focus on reducing the size and risk of the runoff business.
"As we continue to improve the fundamental performance and execution within the organization, I am confident that we will, over time, deliver sustained superior returns and greater shareholder value," said McGee.
Proposals approved by shareholders:
-- All of The Hartford's directors were reelected to the Board with each director receiving the support of at least 90 percent of the shares entitled to vote at the meeting, excluding abstentions.
-- Shareholders ratified the selection of Deloitte & Touche LLP as the company's independent registered public accounting firm with support from 96 percent of shares entitled to vote at the meeting.
-- Shareholders also approved the compensation of the company's named executive officers through an advisory vote with support from 95 percent of shares entitled to vote at the meeting.
About The Hartford
The Hartford Financial Services Group Inc. ( HIG, Trade ) is a leading provider of insurance and wealth management services for millions of consumers and businesses worldwide. The Hartford is consistently recognized for its superior service, its sustainability efforts and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com .
HIG-F
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2010 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
SOURCE: The Hartford Financial Services Group Inc.
The Hartford Financial Services Group Inc. Media Contact: Dave Snowden, 860-547-3397 david.snowden@thehartford.com or Investor Contacts: Sabra Purtill, 860-547-8691 sabra.purtill@thehartford.com or Ryan Greenier, 860-547-8844 ryan.greenier@thehartford.com |
