PNM Resources Inc. Files Definitive Proxy Statement

Ticker: TXNM · Form: DEF 14A · Filed: Apr 22, 2024 · CIK: 1108426

Pnm Resources Inc DEF 14A Filing Summary
FieldDetail
CompanyPnm Resources Inc (TXNM)
Form TypeDEF 14A
Filed DateApr 22, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$2.82, $1.02, $2.09, $0.02, $2.69
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, DEF 14A, PNM Resources, Corporate Governance, Executive Compensation

TL;DR

<b>PNM Resources Inc. has filed its Definitive Proxy Statement for the fiscal year ending December 31, 2023.</b>

AI Summary

PNM RESOURCES INC (TXNM) filed a Proxy Statement (DEF 14A) with the SEC on April 22, 2024. PNM Resources Inc. filed a Definitive Proxy Statement (DEF 14A) on April 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 414 Silver Ave. SW, Albuquerque, NM 87102-3289. PNM Resources Inc. was formerly known as Manzano Corp, with a name change effective March 3, 2000. The SIC code for PNM Resources Inc. is 4911 (Electric Services).

Why It Matters

For investors and stakeholders tracking PNM RESOURCES INC, this filing contains several important signals. This DEF 14A filing provides shareholders with information regarding the company's governance, executive compensation, and matters to be voted on at upcoming meetings. Understanding the details within this proxy statement is crucial for shareholders to make informed decisions regarding their voting rights and the future direction of PNM Resources Inc.

Risk Assessment

Risk Level: low — PNM RESOURCES INC shows low risk based on this filing. The filing is a routine DEF 14A, indicating standard corporate disclosure rather than an event-driven situation.

Analyst Insight

Review the executive compensation details and any proposed shareholder resolutions to understand management's incentives and potential changes in corporate strategy.

Key Numbers

  • 20231231 — CONFORMED PERIOD OF REPORT (Fiscal Year End)
  • 20240422 — FILED AS OF DATE (Filing Date)
  • 45 — PUBLIC DOCUMENT COUNT (Number of documents in the filing)
  • 0001108426 — CENTRAL INDEX KEY (Company Identifier)

Key Players & Entities

  • PNM RESOURCES INC (company) — FILER
  • 414 SILVER AVE. SW (address) — BUSINESS ADDRESS
  • ALBUQUERQUE (city) — BUSINESS ADDRESS CITY
  • NM (state) — BUSINESS ADDRESS STATE
  • 87102-3289 (zip_code) — BUSINESS ADDRESS ZIP
  • MANZANO CORP (company) — FORMER COMPANY
  • 001-32462 (filing_number) — SEC FILE NUMBER
  • 4911 (sic_code) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

When did PNM RESOURCES INC file this DEF 14A?

PNM RESOURCES INC filed this Proxy Statement (DEF 14A) with the SEC on April 22, 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 PNM RESOURCES INC (TXNM).

Where can I read the original DEF 14A filing from PNM RESOURCES INC?

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 PNM RESOURCES INC.

What are the key takeaways from PNM RESOURCES INC's DEF 14A?

PNM RESOURCES INC filed this DEF 14A on April 22, 2024. Key takeaways: PNM Resources Inc. filed a Definitive Proxy Statement (DEF 14A) on April 22, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal executive offices are located at 414 Silver Ave. SW, Albuquerque, NM 87102-3289..

Is PNM RESOURCES INC a risky investment based on this filing?

Based on this DEF 14A, PNM RESOURCES INC presents a relatively low-risk profile. The filing is a routine DEF 14A, indicating standard corporate disclosure rather than an event-driven situation.

What should investors do after reading PNM RESOURCES INC's DEF 14A?

Review the executive compensation details and any proposed shareholder resolutions to understand management's incentives and potential changes in corporate strategy. The overall sentiment from this filing is neutral.

How does PNM RESOURCES INC compare to its industry peers?

PNM Resources Inc. operates in the Electric Services industry, providing electricity to customers.

Are there regulatory concerns for PNM RESOURCES INC?

As a public utility, PNM Resources Inc. is subject to regulatory oversight by state and federal agencies concerning its operations and rates.

Industry Context

PNM Resources Inc. operates in the Electric Services industry, providing electricity to customers.

Regulatory Implications

As a public utility, PNM Resources Inc. is subject to regulatory oversight by state and federal agencies concerning its operations and rates.

What Investors Should Do

  1. Review the proxy statement for details on director nominations and qualifications.
  2. Examine the executive compensation section, including any 'say-on-pay' proposals.
  3. Note any shareholder proposals and the company's recommendation on how to vote.

Key Dates

  • 2024-04-22: Filing Date — Definitive Proxy Statement filed
  • 2023-12-31: Fiscal Year End — Period covered by the filing

Year-Over-Year Comparison

This is a DEF 14A filing, which is a standard disclosure document for annual meetings and does not represent a change from previous filings of the same type.

Filing Stats: 4,462 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-04-22 16:23:40

Key Financial Figures

  • $2.82 — ng earnings. For 2023, Incentive EPS of $2.82 equals net earnings attributable to PNM
  • $1.02 — reported in the Company's Form 10-K) of $1.02 adjusted to exclude: (1) $(0.29) per sh
  • $2.09 — nd losses on investment securities; (2) $2.09 per share attributable to regulatory di
  • $0.02 — allowances and restructuring costs; (3) $0.02 per share attributable to pension expen
  • $2.69 — 2 per diluted share in 2023 compared to $2.69 per diluted share in 2022 Grew the ann
  • $44.4 million — 130,000 tons in 2023; PNM also returned $44.4 million in fuel savings to customers through it
  • $6.2 million — mmer Heat Bill Help Fund – Contributed $6.2 million to non-profits and community partners i
  • $1 million — co and Texas non-profits – Contributed $1 million to support New Mexico high school stude

Filing Documents

From the Filing

pnm-20240418 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 x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement o Definitive Additional Materials o Soliciting Material Pursuant to 240.14a-12 PNM Resources, Inc. (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 all boxes that apply): No fee required. o Fee paid previously with preliminary materials. o Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 PNM Resources, Inc. 414 Silver Ave. SW Albuquerque, NM 87102-3289 www.pnmresources.com NOTICE OF 2024 ANNUAL MEETING OF SHAREHOLDERS To Our Shareholders : The 2024 Annual Meeting of shareholders of PNM Resources, Inc. will be held as follows: DATE AND TIME: Tuesday, June 4, 2024, at 9:00 a.m. Mountain Time (Meeting Room doors open at 8:15 a.m.) PLACE: PNM Resources, Inc. Corporate Headquarters - 4th Floor 414 Silver Avenue SW Albuquerque, New Mexico 87102 WHO CAN VOTE: You may vote if you were a shareholder of record as of the close of business on April 15, 2024. ITEMS OF BUSINESS: (1) Elect as directors the director nominees named in the proxy statement. (2) Ratify appointment of KPMG LLP as our independent registered public accounting firm for 2024. (3) Approve, on an advisory basis, the compensation of our named executive officers. (4) Approve an Amendment to our Restated Articles of Incorporation to Increase the Number of Authorized Shares of Common Stock. (5) Approve an Amendment to our Restated Articles of Incorporation to Change Our Name to TXNM Energy, Inc. (6) Consider any other business properly presented at the meeting. VOTING: On April 22, 2024, we began mailing to our shareholders either (1) a Notice of Internet Availability of Proxy Materials, which indicates how to access our proxy materials on the Internet or (2) a printed copy of our proxy materials. After reading the proxy statement, please promptly vote by telephone or internet or by signing and returning the proxy card so that we can be assured of having a quorum present at the meeting and your shares may be voted in accordance with your wishes. See the questions and answers beginning on page 78 of our proxy statement about the meeting (including how to listen to the meeting by webcast), voting your shares, how to revoke a proxy, how to vote shares in person and via the internet and attendance information. By Order of the Board of Directors Patricia K. Collawn Chair and Chief Executive Officer IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 4, 2024: This Notice of Annual Meeting; our 2024 proxy statement; our 2023 Annual Report on Form 10-K; a shareholder letter from Patricia K. Collawn, our Chair and CEO; and stock performance graph are available at www.proxyvote.com and www.pnmresources.com/asm/annual-proxy.cfm . You are receiving these proxy materials in connection with the solicitation by the Board of Directors of PNM Resources, Inc. of proxies to be voted on at the PNM Resources, Inc. 2024 Annual Meeting of Shareholders. Please vote on the proposals described in this proxy statement. Thank you for investing in PNM Resources, Inc. TABLE OF CONTENTS Notice of 2024 Annual Meeting of Shareholders Table of Contents ii Glossary 1 Proxy Summary 6 Information About Our Corporate Governance 12 Additional Information About Our Board and Board Committees 16 Director Compensation 18 Ownership of Our Common Stock 20 Proposal 1: Elect as Directors the Director Nominees Named in the Proxy Statement 20 General Information 21 Directors Nominated This Year 31 Directors Skills Matrix 32 Proposal 2: Ratify Appointment of KPMG as Independent Registered Public Accounting Firm for 2024 33 Audit and Ethics Committee Report 34 Independent Auditor Fees 35 Proposal 3: Approve, On An Advisory Basis, the Compensation of our Named Executive Officers 36 Proposal 4: Approve an Amendment to our Restated Articles of Incorporation to Increase the Number of Authorized Shares of Common Stock 38 Proposal 5: Approve an Amendment to our Restated Articles of Incorporation to Change Our Name to TXNM Energy, Inc. 39 Executive Compensation 39 Compensation Discussion and Analysis 39 Overview 43 Executive Compensation Practices & Results 45 Elements of Executive Compensation 50 Administration and Resources 52 2024 Compensation Actions 53 Additional Information 55 Compensation and Human Capital Committee Report 56 2023 NEO Comp

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