Westport Publishes Annual General and Special Meeting Results
Westport Fuel Systems held its Annual General and Special Meeting virtually, where shareholders approved all proposed resolutions. Key approvals included: election of six directors with approval rates ranging from 61.28% to 91.10%, appointment of KPMG LLP as auditors (93.83% approval), an advisory vote on executive compensation (52.87% approval), and the sale of Westport Fuel Systems Italia S.r.l (83.38% approval).
Notable voting results showed mixed shareholder sentiment, with some directors receiving strong support while others, like Daniel M. Hancock and Karl-Viktor Schaller, received lower approval rates around 61%. The executive compensation vote passed with a narrow majority of 52.87%.
Westport Fuel Systems ha tenuto la sua Assemblea Generale Annuale e Straordinaria in modalità virtuale, durante la quale gli azionisti hanno approvato tutte le risoluzioni proposte. Le approvazioni principali includevano: l'elezione di sei amministratori con percentuali di approvazione comprese tra il 61,28% e il 91,10%, la nomina di KPMG LLP come revisori dei conti (93,83% di approvazione), un voto consultivo sulla remunerazione degli amministratori (52,87% di approvazione) e la vendita di Westport Fuel Systems Italia S.r.l (83,38% di approvazione).
I risultati delle votazioni hanno mostrato un sentimento misto tra gli azionisti, con alcuni amministratori che hanno ricevuto un forte sostegno mentre altri, come Daniel M. Hancock e Karl-Viktor Schaller, hanno ottenuto percentuali di approvazione più basse, intorno al 61%. Il voto sulla remunerazione degli amministratori è passato con una maggioranza risicata del 52,87%.
Westport Fuel Systems celebró su Junta General Anual y Extraordinaria de forma virtual, donde los accionistas aprobaron todas las resoluciones propuestas. Las aprobaciones clave incluyeron: la elección de seis directores con tasas de aprobación que oscilaron entre el 61,28% y el 91,10%, el nombramiento de KPMG LLP como auditores (93,83% de aprobación), una votación consultiva sobre la compensación ejecutiva (52,87% de aprobación) y la venta de Westport Fuel Systems Italia S.r.l (83,38% de aprobación).
Los resultados notables de la votación mostraron un sentimiento mixto entre los accionistas, con algunos directores recibiendo un fuerte apoyo mientras que otros, como Daniel M. Hancock y Karl-Viktor Schaller, obtuvieron tasas de aprobación más bajas alrededor del 61%. La votación sobre la compensación ejecutiva fue aprobada por una mayoría estrecha del 52,87%.
Westport Fuel Systems는 연례 및 임시 주주총회를 온라인으로 개최했으며, 주주들은 제안된 모든 안건을 승인했습니다. 주요 승인사항으로는 6명의 이사 선출이 61.28%에서 91.10% 사이의 찬성률을 기록했고, KPMG LLP를 감사인으로 선임하는 안건이 93.83%의 찬성률을 받았으며, 경영진 보수에 대한 자문 투표가 52.87% 찬성으로 통과되었고, Westport Fuel Systems Italia S.r.l 매각 안건이 83.38% 찬성으로 승인되었습니다.
주목할 만한 투표 결과는 주주들의 엇갈린 의견을 보여주었으며, 일부 이사는 강한 지지를 받은 반면 Daniel M. Hancock와 Karl-Viktor Schaller 같은 이사는 약 61%의 낮은 찬성률을 받았습니다. 경영진 보수에 대한 투표는 52.87%의 근소한 다수로 통과되었습니다.
Westport Fuel Systems a tenu son Assemblée Générale Annuelle et Extraordinaire virtuellement, où les actionnaires ont approuvé toutes les résolutions proposées. Les principales approbations comprenaient : l’élection de six administrateurs avec des taux d’approbation allant de 61,28 % à 91,10 %, la nomination de KPMG LLP en tant qu’auditeurs (93,83 % d’approbation), un vote consultatif sur la rémunération des dirigeants (52,87 % d’approbation), et la vente de Westport Fuel Systems Italia S.r.l (83,38 % d’approbation).
Les résultats notables du vote ont montré un sentiment mitigé parmi les actionnaires, certains administrateurs recevant un fort soutien tandis que d’autres, comme Daniel M. Hancock et Karl-Viktor Schaller, ont obtenu des taux d’approbation plus faibles autour de 61 %. Le vote sur la rémunération des dirigeants est passé avec une majorité étroite de 52,87 %.
Westport Fuel Systems hielt seine jährliche Haupt- und Sonderversammlung virtuell ab, bei der die Aktionäre alle vorgeschlagenen Beschlüsse genehmigten. Zu den wichtigsten Genehmigungen gehörten: die Wahl von sechs Direktoren mit Zustimmungsraten zwischen 61,28 % und 91,10 %, die Ernennung von KPMG LLP als Wirtschaftsprüfer (93,83 % Zustimmung), eine beratende Abstimmung zur Vergütung der Geschäftsleitung (52,87 % Zustimmung) und der Verkauf von Westport Fuel Systems Italia S.r.l (83,38 % Zustimmung).
Die bemerkenswerten Abstimmungsergebnisse zeigten gemischte Aktionärsmeinungen, wobei einige Direktoren starke Unterstützung erhielten, während andere, wie Daniel M. Hancock und Karl-Viktor Schaller, niedrigere Zustimmungsraten von etwa 61 % erhielten. Die Abstimmung zur Geschäftsleitervergütung wurde mit einer knappen Mehrheit von 52,87 % angenommen.
- Strong approval (83.38%) for the strategic sale of Westport Fuel Systems Italia S.r.l
- High confidence in auditors with 93.83% approval for KPMG LLP
- Strong shareholder support for some directors, particularly Daniel Sceli (91.10%)
- Low shareholder support (52.87%) for executive compensation package
- Significant opposition to some board members with nearly 39% voting against Karl-Viktor Schaller and Daniel M. Hancock
Insights
Shareholders approved Westport's divestiture of its Italian subsidiary, signaling strategic realignment while facing significant executive compensation pushback.
The most significant outcome of Westport's annual meeting is the shareholder approval for the sale of Westport Fuel Systems Italia S.r.l, receiving 83.38% support. This divestiture, agreed upon in March 2025, marks a notable strategic shift for the alternative fuel systems manufacturer. While the release doesn't detail financial terms or strategic rationale, the strong shareholder backing suggests alignment with management's vision for the company's direction.
Beneath the surface, several concerning governance signals emerge. The executive compensation advisory vote barely passed at 52.87% - an unusually low figure that indicates substantial shareholder dissatisfaction with leadership pay practices. This represents a significant warning sign that investors believe executive compensation may be misaligned with company performance or shareholder interests.
Additionally, two directors - Daniel Hancock and Karl-Viktor Schaller - received notably weak support at approximately 61% each, substantially below their fellow board members who secured 81-91% approval. This voting pattern suggests fragmented shareholder confidence in the board's composition and oversight capabilities.
While routine in nature, these meeting results reveal underlying tensions regarding Westport's governance structure and strategic direction. The Italian subsidiary divestiture likely represents a streamlining move as the company focuses its operations and capital allocation toward higher-growth or more strategic business segments in the alternative fuels market.
VANCOUVER, British Columbia, May 15, 2025 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“Westport" or the "Company") (TSX:WPRT / Nasdaq:WPRT), today held its Annual General and Special Meeting of Shareholders (the "Meeting") in a virtual format. Shareholders approved all resolutions presented at the meeting including the election of all nominated directors for the ensuing year, the appointment of KPMG LLP as the Company's auditors for the fiscal year, the advisory vote on executive compensation, and the sale of Westport Fuel Systems Italia S.r.l in accordance with the terms of the sale and purchase agreement dated as of March 30, 2025.
A summary of the results are as follows:
| Resolution | Outcome of Vote | Percentage of Votes For | Percentage of Votes Withheld/Against |
| Election of Directors | |||
| Michele Buchignani | Approved | ||
| Anthony Guglielmin | Approved | ||
| Daniel M. Hancock | Approved | ||
| Daniel Sceli | Approved | ||
| Karl-Viktor Schaller | Approved | ||
| Eileen Wheatman | Approved | ||
| Appointment of Auditors | Approved | ||
| Executive Compensation | |||
| (Advisory Vote) | Agree | ||
| Sale of Westport Fuel Systems Italia S.r.l | Approved |
About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com
FAQ
What was the outcome of Westport Fuel Systems (WPRT) 2025 Annual General Meeting?
What percentage of shareholders approved the sale of Westport Fuel Systems Italia S.r.l?
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What was the voting result for WPRT's auditor appointment?
