The Phoenix Companies, Inc. (NYSE: PNX) today announced voting results
for its Annual Meeting of Shareholders, which was held today at its
offices in Hartford. Shareholders took the following actions:
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Elected five directors for terms ending in 2012. All of the nominees
are already directors of the company: Peter C. Browning, former Dean
of the McColl Graduate School of Business at Queens University of
Charlotte; Sanford Cloud, Jr. Chairman and Chief Executive Officer of
The Cloud Company; Gordon J. Davis, Esq. Partner of the law firm of
Dewey & LeBoeuf; Jerry J. Jasinowski, former President of the
Manufacturing Institute, an affiliate of the National Association of
Manufacturers; and Augustus K. Oliver, II, Managing Member of Oliver
Press Partners, LLC.
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Ratified the appointment of PricewaterhouseCoopers LLP as the
company’s independent registered public accounting firm for the fiscal
year ending December 31, 2009.
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Approved continued use of the performance goals under the company’s
2003 restricted stock, restricted stock unit and long-term incentive
plan and annual incentive plan for executive officers. The purpose of
this proposal was to approve the continued use of the performance
goals used in the incentive plans, not to authorize additional shares
of common stock for issuance to company employees or directors under
the applicable plans. This approval was required under internal
revenue service regulations in order to preserve the company’s federal
income tax deduction when payments based on these performance goals
are made to certain executive officers.
-
Granted the Board of Directors discretionary authority to effect a
reverse stock split and a corresponding reduction in authorized shares
of the company’s common stock. If the Board pursues this course, it
would select a specific ratio from among those approved by the
shareholders. Shares of common stock would be combined and
reclassified into one share of common stock at a ratio of 1-for-5,
1-for-10 or 1-for-20. The corresponding number of authorized shares of
common stock would be decreased by one-fifth, one-tenth or
one-twentieth.
ABOUT PHOENIX
With a history dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX)
helps its customers find straightforward solutions to often highly
complex personal financial and business planning needs through life
insurance and annuities. Phoenix’s products are available through a wide
variety of third-party financial professionals and intermediaries,
supported by the company’s wholesalers and financial planning
specialists. For more information, visit www.phoenixwm.com.
