Fortis Inc. Shareholders Approve Election of Directors, Appointment of Auditors, and Say on Pay

Fortis (TSX/NYSE: FTS) reported results from its May 7, 2026 Annual Meeting: shareholders elected 12 directors, appointed Deloitte LLP as auditors, and approved the non-binding Say on Pay advisory vote.

Rhea-AI Summary

Fortis (TSX/NYSE: FTS) reported results from its May 7, 2026 Annual Meeting: shareholders elected 12 directors, appointed Deloitte LLP as auditors, and approved the non-binding Say on Pay advisory vote. 2025 revenue was $12 billion and total assets were $77 billion as at March 31, 2026.

Positive

• All 12 directors elected with majority support (For votes mostly >98%)
• Deloitte LLP appointed auditors with 99.78% of votes for appointment
• Say on Pay approved with 95.15% of votes in favour
• 2025 revenue $12B and $77B total assets (as at Mar 31, 2026)

Negative

• Notable withheld votes for some directors (e.g., Julie Dobson withheld 3.49%, Jo Mark Zurel 1.80%)
• Say on Pay opposition totaled 4.85%, indicating some shareholder dissent

Argus May 7 session

+0.02% close to close Open Argus

Details

News Market Reaction – FTS

On May 7, the day this news came out, FTS closed 0.02% above the previous close.

Data tracked by StockTitan Argus for the May 7 session.

Key Figures

Current price: $56.13 2025 revenue: $12 billion Total assets: $77 billion +5 more

Current price

$56.13

Prior to AGM voting results news

2025 revenue

$12 billion

2025 revenue reported in company description

Total assets

$77 billion

Total assets as at March 31, 2026

Employees

9,900 employees

Across five Canadian provinces, ten U.S. states and Cayman Islands

Directors elected

12 directors

Elected to serve until the next Annual Meeting

Auditor votes for

306,408,822 votes

Votes for appointment of Deloitte LLP as auditors

Auditor approval rate

99.78%

Percentage of votes for Deloitte LLP as auditors

Say on Pay support

95.15%

Votes for non-binding advisory executive compensation approach

Historical Context

5 past events · Latest: Apr 29

5 events

1. Apr 29

   Earnings preview

   24h Move

   +1.7%

   Announcement of timing for Q1 2026 results call and AGM.

2. Apr 08

   Earnings preview

   24h Move

   +0.1%

   Scheduling of Q1 2026 results webcast and hybrid Annual Meeting.

3. Feb 12

   Regulatory filings

   24h Move

   +2.9%

   Filing of 2025 year-end financial and regulatory disclosure documents.

4. Feb 12

   Earnings results

   24h Move

   +2.9%

   2025 earnings, higher adjusted EPS and expanded multiyear capital plan.

5. Feb 11

   Dividend declaration

   24h Move

   +2.9%

   Declaration of Q2 2026 common and preference share dividends.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

say on pay, non-binding advisory vote, annual meeting of shareholders

3 terms

say on pay financial

"approving the non-binding advisory vote regarding the Corporation’s approach to executive compensation (“Say on Pay”)."

Say on pay is a shareholder vote—typically nonbinding—on a company’s executive compensation package, allowing investors to approve or reject how top managers are paid. Think of it as a public performance review: widespread disapproval can signal poor governance, prompt changes to pay practices, attract activist investors, and influence investor confidence and share value. It matters because it gives owners a direct way to influence compensation that affects company incentives and long-term performance.

non-binding advisory vote regulatory

"approving the non-binding advisory vote regarding the Corporation's approach to executive compensation."

A non-binding advisory vote is a shareholder vote that expresses investors’ opinion on a proposal (such as executive pay, corporate policy, or governance practices) but does not legally force the company to act. Think of it like a customer survey: it signals whether owners approve or disapprove and can pressure boards and managers to change course, so investors watch the result as an indicator of governance risk and potential future shifts in company strategy or leadership.

annual meeting of shareholders regulatory

"voting results from its Annual Meeting of Shareholders held today."

A yearly gathering where a company’s owners (shareholders) vote on key items like electing the board, approving executive pay, and ratifying auditors, and receive updates on performance and strategy. Think of it as an annual town hall for owners: it matters to investors because outcomes and disclosures can affect leadership, corporate direction, dividend and governance policies, and therefore the company’s risk and potential return.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ST. JOHN'S, Newfoundland and Labrador, May 07, 2026 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) announced the voting results from its Annual Meeting of Shareholders held today. Shareholders voted in favour of all items of business before the meeting, including electing the nominated directors, appointing Deloitte LLP as the Corporation's auditors, and approving the non-binding advisory vote regarding the Corporation's approach to executive compensation.

Election of Directors

Fortis shareholders elected the following 12 individuals to the Board to serve until the next Annual Meeting of Shareholders or until their successors are elected or appointed:

Nominee	# Votes For	% Votes For	# Votes Withheld	% Votes Withheld
Pierre J. Blouin	296,260,165	98.44	4,680,131	1.56
Lawrence T. Borgard	299,865,101	99.64	1,075,195	0.36
Maura J. Clark	297,628,392	98.90	3,311,905	1.10
Margarita K. Dilley	298,968,757	99.34	1,971,539	0.66
Julie A. Dobson	290,443,338	96.51	10,496,958	3.49
Lisa L. Durocher	298,867,190	99.31	2,073,106	0.69
Mary C. Hemmingsen	300,559,988	99.87	380,308	0.13
David G. Hutchens	299,974,476	99.68	965,820	0.32
Gregory E. Knight	299,255,049	99.44	1,685,247	0.56
Gianna M. Manes	292,480,056	97.19	8,460,240	2.81
Don R. Marchand	299,278,752	99.45	1,661,544	0.55
Jo Mark Zurel	295,531,436	98.20	5,408,860	1.80

Appointment of Auditors

Shareholders of the Corporation approved the appointment of Deloitte LLP as the Corporation's auditors to hold office until the close of the next Annual Meeting of Shareholders.

# Votes For	% Votes For	# Votes Withheld	% Votes Withheld
306,408,822	99.78	677,311	0.22

Say on Pay

Shareholders approved the non-binding advisory vote regarding the Corporation’s approach to executive compensation (“Say on Pay”).

# Votes For	% Votes For	# Votes Against	% Votes Against
286,352,999	95.15	14,587,292	4.85

About Fortis
Fortis is a diversified leader in the North American regulated electric and gas utility industry with 2025 revenue of $12 billion and total assets of $77 billion as at March 31, 2026. The Corporation's 9,900 employees serve utility customers in five Canadian provinces, ten U.S. states and the Cayman Islands.

Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedarplus.ca, or www.sec.gov.

A .pdf version of this press release is available at:
http://ml.globenewswire.com/Resource/Download/a0b4136f-576c-4377-b10b-b6b45a93290b

For further information contact

Investor Enquiries: Ms. Stephanie Amaimo Vice President, Investor Relations Fortis Inc. 248.946.3572 investorrelations@fortisinc.com

Media Enquiries: Ms. Karen McCarthy Vice President, Communications & Government Relations Fortis Inc. 709.737.5323 media@fortisinc.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who were elected to Fortis board at the May 7, 2026 meeting (FTS)?

All 12 nominated individuals were elected to the Fortis board to serve until the next annual meeting. According to Fortis, each nominee received majority shareholder support, with most directors receiving more than 98% votes in favour.

Did Fortis (FTS) appoint new auditors at the May 7, 2026 meeting?

Yes. Shareholders approved the appointment of Deloitte LLP as Fortis auditors to hold office until the next annual meeting. According to Fortis, the appointment received 99.78% of votes in favour and 0.22% withheld.

What was the outcome of Fortis's Say on Pay vote on May 7, 2026 (FTS)?

The non-binding Say on Pay advisory vote was approved by shareholders, with 95.15% voting in favour. According to Fortis, 4.85% voted against, reflecting limited shareholder opposition to executive compensation.

What key financial figures did Fortis (FTS) disclose with the meeting results?

Fortis reported 2025 revenue of $12 billion and total assets of $77 billion as at March 31, 2026. According to Fortis, the figures describe the company's scale across its regulated electric and gas utility operations.

Were there any material shareholder concerns reflected in the Fortis (FTS) voting results?

Voting showed widespread support but some shareholder dissent: a few directors had withheld votes and Say on Pay had 4.85% opposition. According to Fortis, most director elections exceeded 98% approval, indicating broad shareholder backing.