HOUSTON, June 9, 2015 /PRNewswire/ — Willbros Group, Inc. (NYSE: WG) announced that at its 2015 Annual Meeting of Stockholders, held today, stockholders, with a majority of votes cast, re-elected Michael C. Lebens and Phil D. Wedemeyer as Class I directors to its Board.
Willbros also announced that stockholders approved Proposal Two authorizing an increase in the number of authorized shares of the Company’s common stock from 70,000,000 shares to 105,000,000 shares. Proposal Three, the Advisory vote on Named Executive Compensation (“Say on Pay”), after failing to pass in 2014, garnered nearly 70 percent of the votes cast. Stockholders also ratified Proposal Four, the re-appointment of PricewaterhouseCoopers LLP as the Company’s independent auditor for 2015. Proposal Five, an advisory vote on a stockholder proposal recommending the elimination of the Company’s classified Board of Directors and that all directors be elected on an annual basis, also was approved by stockholders.
John T. McNabb, II, Chairman and CEO, responded to stockholders, “As Chairman, I have heard and respect the results of the shareholder advisory vote recommending elimination of our classified Board of Directors and that all directors be elected on an annual basis. Your Board will work with its advisors to put forth a proposal at the next Shareholder meeting in 2016 to make such a transition. I want to thank all our shareholders for their interest and involvement in matters of governance and for their continued support of our Company.”
Willbros is a specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries. Our offerings include engineering, procurement and construction (either individually or as an integrated EPC service offering), maintenance, facilities development and operations services. For more information on Willbros, please visit our web site at www.willbros.com.
This announcement contains forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments the Company expects or anticipates will or may occur in the future, are forward-looking statements. A number of risks and uncertainties could cause actual results to differ materially from these statements, including unanticipated accounting or other issues regarding any material weaknesses in internal control over financial reporting; inability of the Company or its independent auditor to confirm relevant information or data; unanticipated issues that prevent or delay the Company’s independent auditor from completing its review of financial statements or that require additional efforts, procedures or review; the untimely filing of financial statements; pending and potential investigations and lawsuits; the identification of one or more issues that require restatement of one or more other prior period financial statements; ability to remain in compliance with, or obtain waivers under, the Company’s existing loan agreements; ability to dispose of businesses and assets in a timely manner at reasonable valuations; the existence of other material weaknesses in internal control over financial reporting; contract and billing disputes; new legislation or regulations detrimental to the economic operation of refining capacity in the United States; availability of quality management; availability and terms of capital; changes in, or the failure to comply with, government regulations; the promulgation, application, and interpretation of environmental laws and regulations; future E&P capital expenditures; oil, gas, gas liquids, and power prices and demand; the amount and location of planned pipelines; poor refinery crack spreads; delay of planned refinery outages and upgrades and development trends of the oil, gas, power, refining and petrochemical industries; as well as other risk factors described from time to time in the Company’s documents and reports filed with the SEC. The Company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Michael W. Collier
SVP Investor Relations
Marketing & Communications
SOURCE Willbros Group, Inc.