Nine directors elected at World Fuel Services annual meeting

CEO Kasbar backed by 83.3% of shareholders; tech expert Stephen Gold gets highest number of votes.



Image credit: World Fuel Services


Updated on 30 May 2018 12:25 GMT

World Fuel Services (WFS) stakeholders elected all nine director nominees for one-year terms at the company's annual shareholder meeting on May 24.

The one-year terms are due to expire on the date of next year's annual meeting.

The nine directors are Michael Kasbar, Ken Bakshi, Jorge Benitez, Stephen Gold, Richard Kassar, John Manley, J. Thomas Presby, Stephen Roddenberry and Paul Stebbins.

Chairman, president and chief executive officer Michael Kasbar received 51.78m votes in favour (or 83.3 percent of a total 62.16m votes), with 4.87m votes withheld and 5.51m broker non-votes (from banks, brokers and other holders of record who received no instruction from their clients on how to vote).

The director most backed by shareholders was technology expert Stephen Gold with 56.02m votes for, or 90.1 percent of the total number of ballots; there were 637,948 votes withheld and 5.51m broker non-votes. Gold only joined the board of directors a few months ago, in October 2017.

Gold was followed by Jorge Benitez with 55.63m votes in favour (or 89.5 percent), 1.02m votes withheld and 5.51 broker non-votes. He became a member of the board in January 2015.

Also during the meeting, WFS shareholders approved, by a non-binding, advisory vote, the compensation of the company's named executive officers. There were 49.99m votes for (or 80.4 percent), 6.61m votes against, 56,466 abstentions and 5.51m broker non-votes.

PricewaterhouseCoopers LLP was also ratified as WFS's independent registered certified public accounting firm for the 2018 fiscal year, receiving 61.39m votes for (or 98.8 percent), 741,512 votes against and 30,686 abstentions.