United Bankshares, Inc. Announces 2021 Shareholder Meeting Results

Strategic Insights -

At its virtual Annual Meeting of Shareholders held on May 12, 2021, United Bankshares, Inc. ("United" or the "Company") reported the results of three matters voted on by its shareholders. The meeting saw the election of thirteen directors to serve a one-year term, the ratification of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2021, and the approval of the compensation of United's named executive officers on an advisory basis.

Key Takeaways:

  • Shareholders elected thirteen directors to serve a one-year term expiring at the 2022 Annual Meeting.
  • Ernst & Young LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2021.
  • The compensation of United's named executive officers was approved on an advisory basis.
  • Of the 111,447,422 votes cast in Proposal 1, only 2,187,283 were against the election of the directors.
  • In Proposal 2, shareholders voted 111,447,422 in favor of ratifying the selection of Ernst & Young LLP, with 2,187,283 votes against and 253,276 abstentions.
  • Proposal 3, which approved the compensation of United's named executive officers on an advisory basis, saw 91,393,759 votes in favor and 2,695,082 votes against.

Statistics:

  • 111,447,422 votes were cast in favor of the election of the thirteen directors.
  • 2,187,283 votes were against the election of the directors.
  • 253,276 shareholders abstained from voting on the election of the directors.
  • 91,393,759 votes were cast in favor of the compensation of United's named executive officers.
  • 18,898,946 shares were uncast in votes on the compensation.

Sources:

  • Form 8-K filing submitted by United Bankshares, Inc. to the Securities and Exchange Commission on May 12, 2021.
  • The Proxy Statement mailed to shareholders on or about March 30, 2021.