Cal Water Service Group Proxy Filing for 2024 Meeting

Ticker: CWT · Form: DEFA14A · Filed: May 1, 2024 · CIK: 1035201

California Water Service Group DEFA14A Filing Summary
FieldDetail
CompanyCalifornia Water Service Group (CWT)
Form TypeDEFA14A
Filed DateMay 1, 2024
Risk Levellow
Pages14
Reading Time17 min
Key Dollar Amounts$383.7 million, $17.2 million, $600 million, $4.3 million, $2 million
Sentimentneutral

Sentiment: neutral

Topics: proxy-statement, annual-meeting, water-utility, acquisition

TL;DR

Cal Water Service Group proxy filed - shareholders vote on company matters May 1st.

AI Summary

California Water Service Group filed a Definitive Proxy Statement (DEFA14A) on May 1, 2024, for its 2024 Stockholder Meeting. The company, headquartered in San Jose, CA, is involved in water supply and reported adding over 1,600 new customers through closed acquisitions. The filing concerns the solicitation of proxies for the meeting.

Why It Matters

This filing is crucial for shareholders as it outlines the agenda and proposals for the annual meeting, influencing their voting decisions on company governance and strategy.

Risk Assessment

Risk Level: low — This is a routine proxy filing for an annual shareholder meeting, not indicating unusual financial distress or significant strategic shifts.

Key Numbers

Key Players & Entities

FAQ

What is the purpose of this DEFA14A filing?

This filing is a Definitive Proxy Statement for California Water Service Group's 2024 Stockholder Meeting, used to solicit proxies from shareholders.

When was this filing submitted to the SEC?

The filing was submitted on May 1, 2024.

What is California Water Service Group's primary business?

California Water Service Group is primarily involved in Water Supply, as indicated by its Standard Industrial Classification code 4941.

Has the company recently expanded its customer base through acquisitions?

Yes, the company reported adding more than 1,600 new customers in closed acquisitions.

Where is California Water Service Group headquartered?

The company is headquartered in San Jose, CA.

Filing Stats: 4,128 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-04-30 17:45:40

Key Financial Figures

Filing Documents

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under §240.14a-12 California Water Service Group (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required Fee paid previously with preliminary materials Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 California Water Service Group 2024 Stockholder Outreach GROUP OPERATIONS Added more than 1,600 new customers in c losed acquisitions in California, Washington and New Mexico. Added 1,770 equivalent dwelling units of wastewater customers through the acquisitions of HOH Utilities, LLC on the island of Kauai Ranked highest in overall customer satisfaction among large water utilities in the western United States, in the J.D. Power 2023 Water Utility Residential Customer Satisfaction Study SM Named one of "America's Most Responsible Companies" and "World's Most Trustworthy Companies" by Newsweek Earned the U.S. Environmental Protection Agency's 2023 WaterSense Excellence in Promoting WaterSense Labeled Products Award Completed first Greenhouse Gas (GHG) Protocol - aligned inventory and committed to a science - aligned Scope 1 and 2 GHG emissions reduction target Completed targeted regional Water Supply Reliability Studies Increased spending with diverse vendors to more than 27% in California FINANCIAL Invested a record $383.7 million of capital in accordance with our infrastructure improvement program, including $17.2 million in developer funded capital Achieved the majority of our operational goals while keeping controllable costs within budget Increased the Group's 2023 annual dividend by four cents, or 4.0%, which represents our 56th consecutive annual dividend increase Entered into unsecured revolving credit facilities for Group and its subsidiaries totaling $600 million for a five - year term 2023 Performance Highlights REGULATORY Secured $4.3 million in grants to reduce rate impacts of critical water supply projects in disadvantaged communities Assisted customers in receiving more than $2 million from the state and federal Low - Income Household Water Assistance Program (LIHWAP) Applied for and subsequently received $83 million from the California Extended Water and Wastewater Arrearage Payment Program to pay residential and commercial customer delinquent and uncollected account balances as well as the administrative expenses of the program EMPLOYEE RETENTION & DEVELOPMENT Graduated nine employees from our new Operations Leadership Program and enrolled another 15 employees into the program, which supports the growth of our employees by defining career maps, offering educational resources, and connecting members with a trained mentor Provided unconscious bias training to more than 95% of our employees Invited all employees to participate in the "At - Risk Pay Program", a program that rewards performance against the same short - term at - risk performance metrics as the executive compensation program Further increased presence in diverse recruiting channels and engaged prospective employees through multiple career fairs, including military - , disability - , and minority - focused career fairs Received recertification as a Great Place to Work by the Great Place to Work Institute for the eighth consecutive year 2023 Performance Highlights, cont. Highly Qualified, Diverse Director Nominees GREGORY E. ALIFF Former Vice Chairman and Senior Partner of U.S. Energy & Resources, Deloitte LLP SHELLY M. ESQUE Former Vice President and Global Director of Corporate Affairs, Intel Corporation MARTIN A. KROPELNICKI Chairman, President and CEO of California Water Service Group THOMAS M. KRUMMEL, M.D. Emile Homan Professor and Chair Emeritus, Surgery Department, Stanford University School of Medicine YVONNE A. MALDONADO, M.D. Professor of Global Health and Infectious Diseases, Departments of Pediatrics and Epidemiology and Population Health, Stanford University SCOTT L. MORRIS Chairman, Avista Corporation, Lead Independent Director CAROL M. POTTENGER Principal and Owner of CMP Global, LLC, and Retired U.S. Navy Vice Admiral LESTER SNOW Former Director of California Department of Water Resources PATRICIA WAGNER Former Group President, U.S. Utilities, Sempra Energy JEFFREY KIGHTLINGER Principal and Owner of Acequia Consulting, LLC, and former CEO of Metropolitan Water District of Southern California CHARLES R. PATTON Former Executive Vice President,

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