Evercore re-elects board, approves executive pay and stock plan By Investing.com

In a recent filing with the Securities and Exchange Commission, Evercore Inc. (NYSE:EVR), an investment advisory firm, disclosed the outcomes of its annual meeting held on Monday. Shareholders voted to re-elect all director nominees and approved executive compensation, as well as the company’s stock incentive plan.

The board members, including Roger C. Altman, Pamela G. Carlton, Ellen V. Futter, Gail B. Harris, Robert B. Millard, Willard J. Overlock, Jr., Sir Simon M. Robertson, John S. Weinberg, William J. Wheeler, and Sarah K. Williamson, were elected to serve until the next annual meeting. The election saw a majority of votes cast in favor, with the least amount of support given to Robert B. Millard, who received approximately 34.9 million votes for and 1.8 million against.

Additionally, the non-binding advisory vote on executive compensation, commonly known as “say-on-pay,” was approved with over 34 million votes in favor. This vote reflects shareholder satisfaction with the compensation of Evercore’s named executive officers.

Evercore’s appointment of Deloitte & Touche LLP as its independent registered public accounting firm for the year 2024 was ratified with a substantial majority, receiving over 37.7 million votes in support.

Furthermore, the Third Amended and Restated 2016 Evercore Inc. Stock Incentive Plan was approved. This plan, detailed in the proxy statement filed on April 26, 2024, received over 22.5 million votes for and approximately 14.2 million against. The approval of the stock incentive plan is a key development for Evercore’s strategy in attracting and retaining talent through equity-based compensation.

Evercore, headquartered in New York and incorporated in Delaware, is known for providing investment banking advisory services. The company’s business address and contact information were reiterated in the filing, maintaining transparency about its operations.

This report is based on a press release statement and provides a factual summary of the key decisions made by Evercore’s shareholders at the annual meeting, reflecting the company’s governance practices and shareholder engagement.

In other recent news, investment banking advisory firm Evercore has reported a moderate increase in adjusted net revenues for Q1 2024, rising to $587 million, a 2% year-over-year increase. However, the firm saw a 22% decrease in adjusted operating income to $91 million and a slight 1% drop in adjusted earnings per share to $2.13. Despite these figures, Evercore maintains an optimistic outlook, anticipating revenue growth in the second half of 2024 and into 2025, driven by increased transaction activity.

Evercore played a significant role in advising on five of the top 15 global deals, ranking fourth globally and third in the US for the quarter. Furthermore, the firm’s cash and investment securities stood at nearly $1.4 billion as of March 31, 2024, and a total of $309 million was returned to shareholders via dividends and share repurchases.

The firm is also positive about the increase in revenue per partner due to high activity levels and favorable market conditions. They expect continued strength in restructuring business, driven by liability management. However, Evercore also acknowledges that advisory revenue can be unpredictable and may experience fluctuations. These are among the recent developments in the company.

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