MANCHESTER, United Kingdom - October 5, 2016 - Pentair plc (NYSE: PNR) today announced it is planning to submit to a vote of shareholders at its 2017 annual general meeting amendments to its articles of association to implement proxy access. The amendments to the articles of association will become effective immediately after the 2017 annual general meeting if approved by shareholders.
Randall J. Hogan, Pentair Chairman and CEO stated, "The decision of the Pentair board of directors to seek shareholder approval to implement proxy access is consistent with Pentair's commitment to good corporate governance practices."
Proxy access allows eligible shareholders to place their own director nominees on the company's proxy card, along with candidates nominated by the company's board of directors. The amendment to the Pentair articles of association would provide that individual shareholders or groups of shareholders who hold 3 percent or more of outstanding Pentair shares for at least 3 years and comply with specified procedural and disclosure requirements could include in Pentair's proxy materials shareholder-nominated director candidates. The number of shareholder-nominated director candidates would be limited to the greater of two or 20 percent of the directors then serving.
ABOUT PENTAIR
Pentair plc (www.pentair.com) delivers industry-leading products, services and solutions for its customers' diverse needs in water and other fluids, thermal management and equipment protection. With 2015 revenues of $6.4 billion, Pentair employs approximately 28,000 people worldwide.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets," "plans," "believes," "expects," "intends," "will," "likely," "may," "anticipates," "estimates," "projects," "should," "would," "positioned," "strategy," "future" or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the company's ability to complete the sale of Valves & Controls on anticipated terms and timetable, overall global economic and business conditions, including worldwide demand for oil and gas; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions, including the ability to successfully integrate and achieve the expected benefits of the acquisition of ERICO Global Company; competition and pricing pressures in the markets we serve; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission ("SEC"), including in our 2015 Annual Report on Form 10-K. All forward-looking statements speak only as of the date of this report. We assume no obligation, and disclaim any obligation, to update the information contained in this report.
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Pentair contact:
Jim Lucas
Vice President, Investor Relations & Strategic Planning
Tel.: 763-656-5575
E-mail: jim.lucas@pentair.com
Rebecca Osborn
Senior Manager, External Communications
Tel.: 763-656-5589
E-mail: rebecca.osborn@pentair.com