Marsh & McLennan Companies Holds 2013 Shareholder Meeting
May 16th 2013 11:20AM
Updated May 16th 2013 12:10PM
Marsh & McLennan Companies Holds 2013 Shareholder Meeting
Quarterly Dividend Increased 9%
Share Repurchase Program Increased to $1 Billion
NEW YORK--(BUSINESS WIRE)-- Marsh & McLennan Companies, Inc. (NYS: MMC) today held its annual meeting of shareholders at which the Company announced that its Board of Directors voted to increase both the Company's quarterly cash dividend and share repurchase program.
The Board of Directors increased the quarterly cash dividend by 9% to $.25 per share on outstanding common stock. The dividend is payable on August 15, 2013 to shareholders of record on July 11, 2013.
The Board also authorized an increase in the Company's share repurchase program, allowing management to buy back up to $1 billion of the Company's common stock.
Marsh & McLennan Companies Independent Chairman of the Board Lord Lang of Monkton said: "The Company's effective capital management strategy allows Marsh & McLennan Companies to strike a good balance between returning cash to shareholders and investing in its businesses and its people. Both the increase in the Company's quarterly dividend and the increased share repurchase program demonstrate that the Company is committed to delivering enhanced value for its shareholders."
Marsh & McLennan Companies also announced that shareholders re-elected the entire slate of 2013 director nominees for a one-year term expiring at next year's annual meeting. They are: Zachary W. Carter, Oscar Fanjul, Daniel S. Glaser, H. Edward Hanway, Elaine La Roche, Lord Lang, Steven A. Mills, Bruce P. Nolop, Marc D. Oken, Morton O. Schapiro, Adele Simmons, Lloyd M. Yates, and R. David Yost.
In further business at the annual meeting, shareholders ratified the selection of Deloitte & Touche LLP as the Company's independent registered public accounting firm for 2013 and approved, by nonbinding vote, the compensation of the Company's named executive officers.
An audio webcast of the Marsh & McLennan Companies 2013 annual meeting can be accessed at www.mmc.com.
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYS: MMC) is a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. Marsh is a global leader in insurance broking and risk management; Guy Carpenter is a global leader in providing risk and reinsurance intermediary services; Mercer is a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman is a global leader in management consulting. Marsh & McLennan Companies' approximately 54,000 colleagues worldwide provide analysis, advice, and transactional capabilities to clients in more than 100 countries. The Company prides itself on being a responsible corporate citizen and making a positive impact in the communities in which it operates. Visit www.mmc.com for more information.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "future," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, we may use forward-looking statements when addressing topics such as: the outcome of contingencies; the expected impact of acquisitions and dispositions; pension obligations; market and industry conditions; the impact of foreign currency exchange rates; our effective tax rates; the impact of competition; changes in our business strategies and methods of generating revenue; the development and performance of our services and products; changes in the composition or level of our revenues; our cost structure, dividend policy, cash flow and liquidity; future actions by regulators; and the impact of changes in accounting rules.
Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, among other things:
- our exposure to potential liabilities arising from errors and omissions claims against us, particularly in our Marsh and Mercer businesses;
- our ability to make strategic acquisitions and dispositions and to integrate, and realize expected synergies, savings or strategic benefits from the businesses we acquire;
- the impact of any regional, national or global political, economic, regulatory or market conditions on our results of operations and financial condition;
- changes in the funded status of our global defined benefit pension plans and the impact of any increased pension funding resulting from those changes;
- the impact of competition, including with respect to our geographic reach, the sophistication and quality of our services, our pricing relative to competitors, our customers' option to self-insure or utilize internal resources instead of consultants, and our corporate tax rates relative to a number of our competitors;
- the extent to which we retain existing clients and attract new business, and our ability to incentivize and retain key employees;
- our exposure to potential criminal sanctions or civil remedies if we fail to comply with foreign and U.S. laws and regulations that are applicable to our international operations, including trade sanctions laws such as the Iran Threat Reduction and Syria Human Rights Act of 2012, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010, local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;
- our ability to maintain adequate physical, technical and administrative safeguards to protect the security of data;
- the impact of changes in interest rates and deterioration of counterparty credit quality on our results related to our cash balances and investment portfolios, including corporate and fiduciary funds;
- the impact on our net income or cash flows and our effective tax rate in a particular period caused by settled tax audits and expired statutes of limitation;
- the impact on our net income caused by fluctuations in foreign currency exchange rates;
- the potential impact of rating agency actions on our cost of financing and ability to borrow, as well as on our operating costs and competitive position;
- our ability to successfully recover should we experience a disaster or other business continuity problem;
- changes in applicable tax or accounting requirements; and
- potential income statement effects from the application of FASB's ASC Topic No. 740 ("Income Taxes") regarding accounting treatment of uncertain tax benefits and valuation allowances, including the effect of any subsequent adjustments to the estimates we use in applying this accounting standard.
The factors identified above are not exhaustive. Marsh & McLennan Companies and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, we caution readers not to place undue reliance on the above forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made. Further information concerning the Company and its businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of our most recently filed Annual Report on Form 10-K.
KEYWORDS: United States North America New York
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