Ballard Power announces results of 2025 Annual General Meeting of Shareholders

Rhea-AI Summary

Ballard Power Systems (NASDAQ: BLDP) held its 2025 Annual General Meeting on June 4th, where shareholders elected all nominated directors with strong majority support. Randy MacEwen received the highest approval rate at 97.95%, while Janet Woodruff had the lowest at 89.83%. The meeting also resulted in the re-appointment of KPMG LLP as the company's auditor with 85.24% approval. Shareholders also passed an advisory vote on executive compensation with 88.81% support. The voting results demonstrate overall strong shareholder confidence in the company's leadership and governance structure, though some directors like Woodruff, Muehlhaeuser, and Hayhurst faced relatively higher withhold votes around 10%.

Positive

• Strong shareholder support for most board nominees with approval rates above 90%
• Executive compensation plan received significant shareholder approval at 88.81%
• Successful re-appointment of auditors with 85.24% support

Negative

• Three directors received relatively high withhold votes (around 10%): Janet Woodruff, Hubertus Muehlhaeuser, and Douglas Hayhurst
• Significant abstention rate (14.76%) for auditor appointment

VANCOUVER, BC, June 5, 2025 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced results of its 2025 Annual General Meeting, which was held on June 4^th.

All nominees listed in the Management Proxy Circular dated April 7^th, 2025 were elected as directors of the Company. Each of the Ballard directors was re-elected by a majority of the votes cast by shareholders present or represented by proxy. Director biographies are available in the "Our Leadership" section of the Company's website.

Director Nominee	Votes For	% For	Votes Withheld	% Withheld
Kathy Bayless	84,684,573	97.71	1,988,964	2.29
Michael Chen	84,336,534	97.30	2,337,005	2.70
Jacqueline Dedo	78,793,325	90.91	7,880,214	9.09
Douglas P. Hayhurst	78,041,127	90.04	8,632,412	9.96
Randy MacEwen	84,892,738	97.95	1,780,800	2.05
Hubertus M. Muehlhaeuser	77,913,248	89.89	8,760,291	10.11
Marty Neese	84,225,903	97.18	2,447,635	2.82
James Roche	84,789,591	97.83	1,883,947	2.17
Yingbo Wang	84,290,998	97.25	2,382,540	2.75
Janet Woodruff	77,861,876	89.83	8,811,662	10.17

In addition, KPMG LLP, Chartered Accountants, was re-appointed as auditor for the Company, and an advisory vote approved the approach to executive compensation.  Details of each of these resolutions are included in the Company's Management Proxy Circular.

Item	Votes For	% For	Votes Against	% Against	Withheld/ Abstain	% Withheld/ Abstain
Appointment of Auditors	88,666,862	85.24	-	-	15,351,003	14.76
Executive Compensation	76,971,303	88.81	9,702,236	11.19	-	-

About Ballard Power Systems

Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.

Further Information

Ballard Power Systems:
Sumit Kundu –Investor Relations, +1.604.453.3517 or investors@ballard.com

 

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SOURCE Ballard Power Systems Inc.

FAQ

What were the key results of Ballard Power's (BLDP) 2025 Annual General Meeting?

All nominated directors were elected, KPMG LLP was re-appointed as auditor with 85.24% approval, and the executive compensation plan was approved with 88.81% support.

Who received the highest and lowest approval rates among BLDP's board nominees in 2025?

Randy MacEwen received the highest approval rate at 97.95%, while Janet Woodruff received the lowest at 89.83%.

What percentage of shareholders approved Ballard Power's executive compensation plan in 2025?

88.81% of shareholders voted in favor of the executive compensation plan, with 11.19% voting against.

Which directors faced the highest opposition in Ballard Power's 2025 board election?

Janet Woodruff (10.17% withheld), Hubertus Muehlhaeuser (10.11% withheld), and Douglas Hayhurst (9.96% withheld) faced the highest opposition.

Was KPMG LLP retained as Ballard Power's auditor in the 2025 AGM?

Yes, KPMG LLP was re-appointed as auditor with 85.24% approval, though 14.76% of votes were withheld.