SJW Group (NYSE:SJW), a water supply company incorporated in Delaware, announced amendments to its corporate governance structure following the approval by its shareholders. At the annual meeting held on Thursday, the company's stockholders voted in favor of two amendments to the Certificate of Incorporation. The first amendment allows for the exculpation of officers to the maximum extent permitted by Delaware law. The second amendment establishes a federal forum selection provision for addressing federal securities law issues.
These amendments, which were immediately effective upon filing with the Secretary of State of Delaware on June 20, 2024, aim to provide certain protections for the company's officers and to specify the legal forum for federal securities law matters. The adoption of these provisions is consistent with corporate governance practices and legal standards set forth by the state of Delaware, where SJW Group is incorporated.
In addition to the governance changes, the shareholders at the meeting also ratified the election of nine directors to the company's Board and approved the named executive officers' compensation on an advisory basis. Deloitte & Touche LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
These corporate actions reflect SJW Group's commitment to maintaining a governance structure that aligns with shareholder interests and regulatory requirements. The company's business address is 110 W. Taylor Street, San Jose, CA 95110.
In other recent news, SJW Group reported a 9% increase in revenue to $149.4 million and a 1% boost in net income to $11.7 million for Q1 2024, compared to the same period last year. The company continues to invest heavily in water and wastewater utility infrastructure, with a $69 million allocation, and anticipates a $1.6 billion increase in annualized revenue after approval of a system improvement charge in Texas. SJW Group has also reaffirmed its 2024 guidance for net income per diluted share, maintaining its long-term growth rate.
Despite moderate to severe drought conditions in Texas, the company is actively managing resources and expects significant revenue growth. The company plans to invest an estimated $230 million in PFAS treatment as part of its commitment to new PFAS regulations. In addition to these developments, SJW Group has announced new executive appointments, including Tanya Moniz-Witten as President and Nazan Riahei as Vice-President of Communications.
InvestingPro Insights
In light of SJW Group's recent corporate governance amendments, it's pertinent to consider the company's financial health and market performance. According to InvestingPro data, SJW Group has a market capitalization of approximately $1.69 billion and is trading near its 52-week low, with a price to earnings (P/E) ratio of 19.66. The company's revenue has grown by 7.69% over the last twelve months as of Q1 2024, indicating a steady upward trend in its financial performance.
From the perspective of dividend investors, SJW Group's track record is particularly noteworthy. InvestingPro Tips highlight that SJW has raised its dividend for 31 consecutive years and has maintained dividend payments for 53 consecutive years, underscoring the company's commitment to shareholder returns. Additionally, analysts predict the company will remain profitable this year, which is supported by a positive net income over the last twelve months.
For investors seeking detailed analysis and further insights, there are additional InvestingPro Tips available at: https://www.investing.com/pro/SJW. To enrich your investment strategy, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking exclusive access to a suite of professional tools and data.
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