Shareholders back pay and incentive plan at Summit Midstream (NYSE: SMC)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Summit Midstream Corporation held its 2026 annual meeting of stockholders on May 7, 2026, where investors voted on five proposals. Holders of common and Class B common stock voted together on most items, while Class B stockholders voted separately on one director seat.
Stockholders elected three Class II directors and one Class II Class B director to serve until the 2029 annual meeting. They also ratified Deloitte & Touche LLP as independent registered public accounting firm for the year ending December 31, 2026, approved an advisory resolution on executive compensation, and approved Amendment No. 1 to the Summit Midstream Corporation 2024 Long-Term Incentive Plan.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 5.07 — Submission of Matters to a Vote of Security Holders
1 item
Item 5.07
Submission of Matters to a Vote of Security Holders
Governance
Results of a shareholder vote on proposals at an annual or special meeting.
Key Figures
Votes for J. Heath Deneke: 13,848,937 for; 3,943 withheld; 2,984,955 broker non-votes
Votes for Robert J. McNally: 13,945,215 for; 213,665 withheld; 2,984,955 broker non-votes
Votes for Carolyn J. Stone: 14,129,785 for; 29,095 withheld; 2,984,955 broker non-votes
+4 more
7 metrics
Votes for J. Heath Deneke
13,848,937 for; 3,943 withheld; 2,984,955 broker non-votes
Election of Class II director at 2026 annual meeting
Votes for Robert J. McNally
13,945,215 for; 213,665 withheld; 2,984,955 broker non-votes
Election of Class II director at 2026 annual meeting
Votes for Carolyn J. Stone
14,129,785 for; 29,095 withheld; 2,984,955 broker non-votes
Election of Class II director at 2026 annual meeting
Votes for James E. Herring, Jr.
6,524,467 for as Class B director
Election of one Class II Class B director, Class B vote only
Auditor ratification votes
17,084,327 for; 55,629 withheld; 3,879 abstentions
Ratification of Deloitte & Touche LLP for fiscal year ending December 31, 2026
Say-on-pay votes
11,996,010 for; 2,156,973 withheld; 5,897 abstentions; 2,984,955 broker non-votes
Advisory resolution on executive compensation
Incentive plan amendment votes
11,993,900 for; 2,163,605 withheld; 1,375 abstentions; 2,984,955 broker non-votes
Approval of Amendment No. 1 to 2024 Long-Term Incentive Plan
Key Terms
broker non-votes, independent registered public accounting firm, advisory resolution, Long-Term Incentive Plan, +1 more
5 terms
broker non-votes financial
"the number of abstentions and broker non-votes as to such matters"
Broker non-votes occur when a brokerage firm is unable to vote on a shareholder’s behalf during a company election or decision because the shareholder has not given specific voting instructions, and the broker is not allowed or chooses not to vote on certain matters. They are important because they can affect the outcome of votes, especially when the results are close, by effectively reducing the total number of votes cast.
independent registered public accounting firm financial
"ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm"
An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.
advisory resolution financial
"approved, in an advisory resolution, the executive compensation of the Company’s named executive officers"
An advisory resolution is a non-binding vote by shareholders that expresses their opinion on a specific corporate matter, such as executive pay or a governance policy. It matters to investors because, like a public survey, it signals shareholder sentiment to the board and management; even though it does not force action, a strong vote for or against can prompt changes, affect company reputation, and influence future decisions that impact shareholder value.
Long-Term Incentive Plan financial
"approved Amendment No. 1 to the Summit Midstream Corporation 2024 Long-Term Incentive Plan"
A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.
Annual Meeting of Stockholders financial
"convened its 2026 Annual Meeting of Stockholders (the “Annual Meeting”)"
FAQ
What did Summit Midstream Corporation (SMC) stockholders vote on at the 2026 annual meeting?
Stockholders voted on five proposals, including director elections, auditor ratification, executive pay, and an incentive plan amendment. All proposals passed, setting the company’s board composition and key governance and compensation frameworks through the next annual meeting cycle.
Were all director nominees elected at Summit Midstream Corporation’s 2026 meeting?
All director nominees were elected. Three Class II directors and one Class II Class B director won terms expiring at the 2029 annual meeting, confirming the current board slate and maintaining continuity in Summit Midstream Corporation’s board leadership structure.
Which auditing firm did Summit Midstream Corporation (SMC) stockholders ratify for 2026?
Stockholders ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026. This approval confirms Deloitte & Touche LLP will continue auditing Summit Midstream Corporation’s financial statements for that fiscal year.
Did Summit Midstream Corporation stockholders approve executive compensation in 2026?
Stockholders approved, on an advisory basis, the executive compensation of Summit Midstream Corporation’s named executive officers. This non-binding vote indicates stockholder support for the company’s executive pay programs as described in the related proxy materials for the 2026 meeting.
What change was made to Summit Midstream Corporation’s 2024 Long-Term Incentive Plan?
Stockholders approved Amendment No. 1 to the Summit Midstream Corporation 2024 Long-Term Incentive Plan. This vote authorizes the amended plan framework for long-term equity and incentive awards, aligning compensation tools with the company’s updated governance-approved design.
How did Class B common stockholders of Summit Midstream Corporation vote in 2026?
Holders of Class B Common Stock voted separately as a class on Proposal 2, electing one Class II Class B director to the board. This separate class vote ensured Class B holders directly selected their designated board representative for a term ending in 2029.