TORONTO - Sun Life Financial Inc . (TSX: NYSE:SLF) (NYSE: SLF) announced the election of its board of directors, following a vote at its annual meeting of common shareholders on Thursday. All 11 nominees named in the company's management information circular were successfully elected, with each candidate receiving a substantial majority of votes cast.
The elected directors include Deepak Chopra, Stephanie L. Coyles, Ashok K. Gupta, M. Marianne Harris, David H. Y. Ho, Laurie G. Hylton, Helen M. Mallovy Hicks, Marie-Lucie Morin, Joseph M. Natale, Scott F. Powers, and Kevin D. Strain. The highest approval rate was for Kevin D. Strain, who received 99.9% of the votes for his nomination. Each of the other directors received more than 98% approval from the voting shareholders.
The detailed voting results for each nominee were made available on Sun Life's website, as well as through Canadian and U.S. securities regulators at www.sedarplus.ca and www.sec.gov, respectively.
Sun Life, a leading international financial services organization, provides a range of asset management, wealth, insurance, and health solutions. The company operates in various markets globally, including North America, the United Kingdom, Ireland, Asia, and Australia. As of March 31, 2024, Sun Life reported total assets under management of $1.47 trillion.
InvestingPro Insights
Following the annual meeting of Sun Life Financial Inc., where shareholders demonstrated strong support for the board of directors, investors may be looking at the company's fundamentals to assess its financial health and future prospects. According to InvestingPro, Sun Life has shown a commitment to shareholder returns, increasing its dividend for nine consecutive years, and maintaining payments for 25 years. This could be an attractive point for income-focused investors, especially considering the company's dividend yield stood at a robust 4.3% as of the first quarter of 2024.
On the valuation front, Sun Life's P/E ratio was recorded at 12.97, with a slight adjustment to 13.2 in the last twelve months as of Q1 2024. This may suggest a relatively moderate valuation compared to industry peers, especially in light of the company's revenue growth of 27.59% during the same period. The PEG ratio, which measures the stock's price relative to its earnings growth, stands at 1.84, indicating that investors might be paying a higher price for growth compared to the earnings outlook.
Investors considering Sun Life Financial as a potential addition to their portfolio can find additional InvestingPro Tips that delve deeper into the company's performance, including its low price volatility and analysts' profitability predictions for the year. For those seeking to make a well-informed decision, there are 6 more tips available on InvestingPro. To gain access to these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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