Transocean Ltd. (RIG) said Friday that excluding the Icahn Group's shares, more than 75% of the total votes cast in favor of a dividend at the company's 2013 Annual General Meeting supported the board's dividend proposal of $2.24 per share out of additional paid-in capital, rejecting the Icahn Group's proposal for an annual dividend of $4.00 per share.
The company expects that the approved dividend will be payable in four quarterly installments set for June 2013, September 2013, December 2013 and March 2014. Shareholders also elected four of the company's five director nominees, including Frederico Curado, Thomas Cason, Steven Newman, and Robert Sprague.
J. Michael Talbert, who had previously announced his intention to retire from the company's board of directors, was not re-elected.
One nominee proposed by the Icahn Group, Samuel Merksamer, was elected. There are now fourteen directors on Transocean's board.
Shareholders also approved the company's 2012 Annual Report, including the consolidated financial statements for fiscal year 2012 and the statutory financial statements for fiscal year 2012, the appropriation of available earnings for fiscal year 2012, an advisory vote approving the compensation of the company's named executive officers.
Additionally, shareholders approved the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for fiscal year 2013, and the reelection of Ernst & Young Ltd, Zurich, as the company's auditor for another one-year term.
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