Jun 07, 2018

Ballard Announces Results of 2017 Annual General Meeting

VANCOUVER and TORONTO, CANADA Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced results of its 2017 Annual General Meeting, which was held yesterday at Vantage Venues, 150 King Street, 27th Floor in Toronto, Ontario, Canada.  

All nominees listed in the Management Proxy Circular dated April 9th, 2018 were elected as directors of the Company. Each of the Ballard directors was elected or re-elected by a majority of the votes cast by shareholders present or represented by proxy. Director biographies are available in the Board of Directors section of the Company’s website.

Director Nominee Votes For % For Votes Withheld % Withheld
Douglas P. Hayhurst 36,641,498 98.54 543,644 1.46
Duy-Loan Le 36,733,105 98.78  452,037 1.22
R. Randall MacEwen 36,910,763 98.74 472,379 1.26
Marty Neese 35,460,226 95.36 1,724,916 4.64
James Roche 36,635,148 98.52 549,994 1.48
Ian Sutcliffe 36,638,773 98.53 546,379 1.47
Janet Woodruff 36,791,351 98.94 393,791  1.06

As planned Ian Bourne, after reaching the director term limit, did not stand for reelection and retired as the non-executive Chair and as a member of the board of directors effective as of the Annual General Meeting. Also as expected, James Roche was subsequently appointed as the new Chair of the Board of Directors.

At the Annual General Meeting, Ballard’s CEO provided an update on the business, which can be found at www.ballard.com/investors/presentations-events

In addition, KPMG LLP, Chartered Accountants, was appointed as auditor for the Company, an advisory vote approved the approach to executive compensation, and the Company’s equity-based compensation plans were approved, as disclosed in the Company’s Management Proxy Circular.

Item For % For Against % Against Withheld/ Abstain % Withheld/ Abstain Non-Vote
Appointment of Auditors  55,572,981
97.51 0 0 1,419,146 2.49 0
Executive Compensation 33,729,844 90.71 3,455,294 9.29 0 0 37,251,252
Equity BasedCompensation
 31,452,859  84.58 5,732,278  15.42 0 0  37,251,253

Final voting results on all matters voted on at the Annual General Meeting held on June 6th, 2018 will be filed on SEDAR (www.sedar.com).  

About Ballard Power Systems

Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.com.

Further Information: Guy McAree +1.604.412.7919, media@ballard.com or investors@ballard.com

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