Tenaris Shareholders Approve All Resolutions at Annual Meeting
Tenaris Shareholders Approve Key Resolutions in Recent Meetings
LUXEMBOURG – Tenaris S.A. (NYSE: TS, BMV: TS.MX, Milan: TEN) recently held important annual and extraordinary general meetings where shareholders endorsed all agenda items. This approval during these significant gatherings indicates solid support for the company's direction and financial strategy.
Reviewing the Company’s Annual Report
During the annual general meeting, shareholders took a moment to recognize the Company’s consolidated annual report for the fiscal year ending December 31, 2024. This report includes comprehensive financial and non-financial information essential as stipulated by law. The management's certifications and external auditors’ evaluations concerning the 2024 consolidated financial statements were also acknowledged, thus demonstrating transparency and accountability.
Dividend Declaration and Financial Highlights
In a move that reflects positively on the Company’s financial health, shareholders approved an annual dividend of US$0.83 per share while considering the interim dividend of US$0.27 per share, which was previously paid in November. The total annual dividend amounts to approximately US$0.9 billion, showcasing Tenaris's commitment to returning value to its shareholders. The remaining balance will be paid out on May 21, creating further anticipation among investors.
Board of Directors and Compensation Approval
Additionally, the board of directors maintained its size at eleven members with several key positions reappointed for another term. This continuity in leadership is expected to foster stability and consistent governance. Moreover, shareholders approved the compensation for the board members for the upcoming year, emphasizing the company's commitment to ensuring that its directors are adequately rewarded for their contributions.
Appointment of Statutory Auditor
The shareholders also made a pivotal decision regarding the appointment of Forvis Mazars, recognized as a competent statutory auditor, for the fiscal year ending December 31, 2025. This decision not only reinforces the Company’s transparency efforts but also aligns with its values of corporate governance and accountability.
Share Buyback Program
Another significant resolution passed during the annual meeting was the renewal of authorization concerning the buyback of Company shares. This strategic move allows Tenaris to manage its capital structure proactively, providing flexibility for future market conditions.
Highlights from the Extraordinary Meeting
Moving to the extraordinary general meeting, shareholders approved the cancellation of over 90 million ordinary shares held in treasury, which were acquired through past share buyback programs. This decision reduces the Company’s share capital, reflecting a tactical approach to enhancing shareholder value by returning capital to stockholders.
Amendments to Articles of Association
As part of the resolutions during the extraordinary meeting, amendments to article 5 of the Company's articles of association were adopted, demonstrating Tenaris's commitment to adhering to best practices in corporate governance. These changes were part of the broader approval process, which saw shareholders granting permissions to suppress or limit pre-emptive subscription rights.
Further Transparency and Access to Information
For those interested in the details of the meetings, minutes from both the annual and extraordinary general meetings as well as the updated articles of association are accessible via Tenaris’s official website. This move towards transparency allows shareholders and potential investors to stay informed about the Company’s practices and decisions.
About Tenaris and Future Outlook
Tenaris stands tall as a preeminent global provider of steel tubes and associated services tailored for the energy sector and various industrial applications. This recent approval of resolutions signifies not only the shareholders' confidence in the management but also sets a positive tone for Tenaris’s future endeavors in growing the business while delivering value to shareholders.
Frequently Asked Questions
What significant resolutions were approved during the meetings?
Shareholders approved the annual dividend, the annual report, board of directors' positions, and the appointment of statutory auditors.
What is the annual dividend amount declared by Tenaris?
The annual dividend declared is US$0.83 per share, which represents an aggregate of approximately US$0.9 billion.
Who was reappointed to the Board of Directors?
Members such as Mr. Simon Ayat, Mr. Roberto Bonatti, and Ms. Molly Montgomery were reappointed to the Board.
What changes were made to the Company’s share capital?
The Company approved the cancellation of over 90 million ordinary shares, thereby reducing its share capital.
How can shareholders access the minutes of the meetings?
Minutes from the meetings are available for download on Tenaris’s official website, ensuring transparency and shareholder access.
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