FuelCell Energy, Inc. has released additional proxy materials ahead of its 2024 Annual Meeting of Stockholders scheduled for April 4, 2024. The company is urging shareholders to vote in favor of Proposal 4, which is an advisory vote on the compensation of its named executive officers (NEOs) for the fiscal year 2023. The proxy advisory firm Glass Lewis has recommended a vote in favor of the proposal, highlighting that the NEOs' compensation is near the median of its peer group and that the company maintains a reasonable pay program. However, Institutional Shareholder Services (ISS) has advised against the proposal, pointing to an increase in the CEO's compensation and discretionary payouts for unmet operational targets. FuelCell Energy's Board of Directors unanimously recommends a vote...Show More

FuelCell Energy, Inc. has released additional proxy materials ahead of its 2024 Annual Meeting of Stockholders scheduled for April 4, 2024. The company is urging shareholders to vote in favor of Proposal 4, which is an advisory vote on the compensation of its named executive officers (NEOs) for the fiscal year 2023. The proxy advisory firm Glass Lewis has recommended a vote in favor of the proposal, highlighting that the NEOs' compensation is near the median of its peer group and that the company maintains a reasonable pay program. However, Institutional Shareholder Services (ISS) has advised against the proposal, pointing to an increase in the CEO's compensation and discretionary payouts for unmet operational targets. FuelCell Energy's Board of Directors unanimously recommends a vote for the proposal, emphasizing that their compensation program is competitive, designed to pay for performance, and aligns with shareholder interests. The company has also provided a detailed comparison of its compensation practices against those of peer groups selected by Glass Lewis and ISS, arguing that Glass Lewis' selection is more aligned with the company's view of its competitors for capital, customers, and executive talent.