Middlesex Water Co. Announces 2024 Annual Meeting and 2023 Performance Highlights

Ticker: MSEXP · Form: DEF 14A · Filed: Apr 11, 2024 · CIK: 66004

Middlesex Water CO DEF 14A Filing Summary
FieldDetail
CompanyMiddlesex Water CO (MSEXP)
Form TypeDEF 14A
Filed DateApr 11, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$50 million, $15.4 m
Sentimentbullish

Sentiment: bullish

Topics: proxy statement, annual meeting, infrastructure, rate increase, dividends

TL;DR

<b>Middlesex Water Company will hold its virtual Annual Meeting on May 21, 2024, highlighting significant infrastructure upgrades, a rate increase, and a 51-year streak of dividend growth.</b>

AI Summary

MIDDLESEX WATER CO (MSEXP) filed a Proxy Statement (DEF 14A) with the SEC on April 11, 2024. Completed a $50 million upgrade to the Park Avenue Treatment Plant in New Jersey to address PFAS regulations. Secured a settlement with a third party for cost recovery related to the Park Avenue Plant upgrades. Constructed a one million gallon elevated storage tank in Sussex County, Delaware. Navigated a New Jersey base rate proceeding, resulting in a $15.4 million (14.06%) annual revenue increase. Increased common dividends by 4.0%, marking the 51st consecutive year of dividend increases.

Why It Matters

For investors and stakeholders tracking MIDDLESEX WATER CO, this filing contains several important signals. The company is investing heavily in infrastructure upgrades, such as the $50 million Park Avenue Treatment Plant project, to comply with environmental regulations and ensure water quality. Middlesex Water Co. successfully navigated a rate case, securing a substantial revenue increase that will support ongoing operations and future investments.

Risk Assessment

Risk Level: low — MIDDLESEX WATER CO shows low risk based on this filing. The filing is a routine proxy statement with no immediate negative financial or operational news, indicating a stable outlook.

Analyst Insight

Shareholders should review the proxy materials for details on executive compensation and voting matters related to the annual meeting.

Key Numbers

Key Players & Entities

FAQ

When did MIDDLESEX WATER CO file this DEF 14A?

MIDDLESEX WATER CO filed this Proxy Statement (DEF 14A) with the SEC on April 11, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by MIDDLESEX WATER CO (MSEXP).

Where can I read the original DEF 14A filing from MIDDLESEX WATER CO?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MIDDLESEX WATER CO.

What are the key takeaways from MIDDLESEX WATER CO's DEF 14A?

MIDDLESEX WATER CO filed this DEF 14A on April 11, 2024. Key takeaways: Completed a $50 million upgrade to the Park Avenue Treatment Plant in New Jersey to address PFAS regulations.. Secured a settlement with a third party for cost recovery related to the Park Avenue Plant upgrades.. Constructed a one million gallon elevated storage tank in Sussex County, Delaware..

Is MIDDLESEX WATER CO a risky investment based on this filing?

Based on this DEF 14A, MIDDLESEX WATER CO presents a relatively low-risk profile. The filing is a routine proxy statement with no immediate negative financial or operational news, indicating a stable outlook.

What should investors do after reading MIDDLESEX WATER CO's DEF 14A?

Shareholders should review the proxy materials for details on executive compensation and voting matters related to the annual meeting. The overall sentiment from this filing is bullish.

Risk Factors

Key Dates

Filing Stats: 4,681 words · 19 min read · ~16 pages · Grade level 12.5 · Accepted 2024-04-11 16:02:44

Key Financial Figures

Filing Documents

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 23 Compensation Committee Report 23 Compensation Discussion and Analysis 23 Introduction 23 Executive Summary 23 Compensation Program Oversight 23 Role of Executives in Compensation Committee Activities 23 Use of Consultants 24 Compensation Program Objectives and Philosophy 24 Components of Our Compensation Program 24 Our Business and Strategy 26 Our 2023 Company Performance 26 2023 Executive Compensation Analysis and Conclusions 27 Stock Ownership and Holding Requirements 28 Summary Compensation Table 29 Schedule A – Summary - All Other Compensation 29 Grants of Plan-Based Awards 30 Stock Vested During 2023 30 Outstanding Equity Awards 30 Pension Benefits 30 CEO to Median Employee Pay Ratio 30 Potential Payments upon Change in Control 31 PAY FOR PERFORMANCE COMPARISON 32 PROPOSAL 2 – NON-BINDING PROPOSAL TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS 34 REPORT OF THE AUDIT COMMITTEE 35 PROPOSAL 3 – RATIFICATION OF APPOINTMENT BY THE AUDIT COMMITTEE OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 36 Independent Registered Public Accounting Firm Fees 36

SECURITY OWNERSHIP AND OTHER MATTER S

SECURITY OWNERSHIP AND OTHER MATTER S 37

Security Ownership of Directors, Management and Certain Beneficial

Security Ownership of Directors, Management and Certain Beneficial 37 Section 16(a) Beneficial Ownership Reporting Compliance 37 Other Security Holders 37 Other Matters 37 Electronic Access to Proxy Materials and Annual Reports 37 Minutes of the 2023 Annual Meeting of Shareholders 37 CONSERVING NATURAL RESOURCES THROUGH INTERNET AVAILABILITY OF PROXY MATERIALS This year, we are again using the U.S. Securities and Exchange Commission's Notice and Access model ("Notice and Access") which allows delivery of proxy materials via the Internet as the primary means of furnishing proxy materials. We believe Notice and Access provides share- holders with a convenient method to access the proxy materials and vote, reduces the costs of printing and distributing proxy materials, and allows us to conserve natural resources in alignment with our role as an environmental steward. On or about April 11, 2024, we will mail a Notice of Internet Availability ("NOIA") of Proxy Materials containing instructions on how to access our Proxy Statement and our 2023 Annual Report online and how to vote via the Internet. The NOIA also contains instructions on how to receive a paper copy of the proxy materials and our 2023 Annual Report to Shareholders. YOUR VOTE IS IMPORTANT We urge you to vote using telephone or internet voting, if available to you, or if you received these proxy materials by U.S. mail, by completing, signing, dating and returning the enclosed proxy card promptly. If voting by phone, please call the toll-free number found on your NOIA of Proxy Materials or on your proxy card. To vote via the Internet, please visit the website shown on your NOIA (www.proxyvote.com) until 11:59 p.m. on May 20, 2024 to transmit voting instructions. (Shareholders will need the 12-digit control number from the proxy card or NOIA to view proxy materials at www.proxyvote.com). Shareholders of record may deliver their vote online during the virtual Annual Meeting by foll

Executive Compensation

Executive Compensation. Proposal 3: To ratify the appointment of Baker Tilly US, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. In addition, we will transact any other business properly presented at the meeting, including any adjournment or postponement by, or at, the direction of the Board. This Proxy Statement contains important information for you to consider when deciding how to vote on the matters brought before the Annual Meeting. Please read it carefully. You do not need to attend the Annual Meeting in order to vote. The Board recommends that you vote for of each of the nominees for director (Proposal 1), for Proposal 2 and for Proposal 3. This year's Annual Meeting will be held exclusively via audiocast at www.virtualshareholdermeeting.com/MSEX2024. We strongly encourage shareholders to vote, and to do so as promptly as possible. The deadline for voting by Internet or phone is before the meeting at 11:59 p.m. Eastern Daylight Time on Monday, May 20, 2024. Middlesex Water Company 485C Route 1 South Suite 400 Iselin, New Jersey 08830 1 NOTICE OF 2024 ANNUAL MEETING OF SHAREHOLDERS Cont'd Important Notice Regarding the Availability of Proxy Materials For the Annual Meeting of Shareholders to Be Held on May 21, 2024 You are invited to attend the Annual Meeting via live audiocast. Whether or not you expect to virtually attend the Annual Meeting, please vote on the matters to be considered as promptly as possible in order to ensure your representation at the meeting. You may vote at www.virtualshareholdermeeting.com/MSEX2024 when you enter your 16-digit control number included with the Notice of Internet Availability or proxy card. Instructions on how to attend, participate in, and ask questions at, the Annual Meeting are posted at www.virtualshareholdermeeting.com/MSEX2024. You will be able to vote your shares while attending the Annual Meeting by following the instructions on the w

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