Benzinga | Jun 7, 2021 04:29PM EDT

Citizens Reports Shareholders Approved Co.'s Exec Pay Proposal

Citizens, Inc. (NYSE:CIA) announced that its shareholders approved the Company's say-on-pay proposal for the first time in three years. The Company has taken steps to enhance its executive compensation program, demonstrating its continued commitment to adopt market best practices and align company goals with shareholder expectations. Based on continued shareholder feedback, the Company has expanded its pay-for-performance compensation program from the executive officers down through the department director level. This year's program centers around four business goals:



* First-year sales goals for each of the Company's three markets

* Policy retention goals

* Execution milestones on the 5-quarter business roadmap

* Financial targets to deliver net earnings improvements

J.D. "Chip" Davis, Jr., Chairman of the Board, said, "We are pleased that 76% of our voting shareowners voted in favor of our compensation program. The board is committed to continuing to enhance our "pay for performance" philosophy adopting best practices to ensure that executive compensation aligns with shareholder expectations."

Gerald W. Shields, Vice-Chairman of the Board and interim CEO, said, "We are all incredibly excited to have clear business goals aligned with compensation across the management team. Putting the last few years behind us, we are energized to execute our growth strategy and strengthen our performance in the market while increasing shareholder value."