News Column

Delta Shareholders Re-Elect Directors

July 4, 2014

Delta Air Lines' shareholders have voted, among other things, to re-elect the 14 incumbent members of the Board of Directors.

At the airline's annual meeting, shareholders approved an advisory vote on Delta's executive compensation (known as "Say on Pay") with a significant majority of the vote, while also ratifying Ernst & Young LLP as independent auditors by a similar margin.

Shareholders also approved an increase to the maximum number of directors on the board while a stock retention proposal was voted down with less than 23 per cent of votes cast.

According to Delta Board Chairman Dan Carp, "Delta's shareholders continue to recognize the success of the airline's strategy. We will continue to build on the momentum that has driven outstanding results for our shareholders and has made Delta a great place to work for our employees and the airline our customers want to fly".

Delta's strategy is producing the industry's best employee relations, customer service and financial performance. Employees have received pay increases, more than $500 million in profit sharing payments for 2013 and $1.4 billion toward defined benefit and defined contribution plans in 2013.

Customers are experiencing the results of the company's significant investments in operational reliability and more than $2.5 billion in new aircraft, products, facilities and technology.

Shareholders are enjoying strong earnings growth, an improving balance sheet, a stock price that has more than doubled in the last year and more than $700 million of cash returns through dividends and share buybacks.

Delta Air Lines serves nearly 165 million customers each year and this year, Delta was named the 2014 Airline of the Year by Air Transport World magazine and was named to FORTUNE magazine's 50 Most Admired Companies, in addition to being named the most admired airline for the third time in four years.

With an industry-leading global network, Delta and the Delta Connection carriers offer service to 333 destinations in 64 countries on six continents.

Headquartered in Atlanta, Delta employs nearly 80,000 employees worldwide and operates a mainline fleet of more than 700 aircraft.

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Source: AllAfrica

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