Deere discusses future technology, sustainability advances in annual shareholder meeting | Business & Economy

Deere & Company CEO John May tweeted the company’s successes in automation and equipment connectivity at Deere & Company’s annual shareholders meeting in 2021, resulting in greater ease and efficiency for customers and providing more sustainable methods and solutions.

The company reported net sales and revenue of just over $ 44 billion for fiscal year 2021, nearly $ 9 billion more than the previous year.

Total revenue has doubled compared to fiscal year 2020 to $ 5.96 billion. Mae said at the meeting that those numbers are the highest in Deere history.

Despite the difficulties, from the COVID-19 pandemic to supply chain problems, Mae said that by working with suppliers and implementing occupational safety and health practices, Deere was able to avoid “ubiquitous production disruptions.”

“The operating model we launched in 2020 has yielded good results and we have made further investments to help our company become more profitable, more focused and more sustainable,” Mae said. “We also received help from healthy market conditions. Demand for products of all types and sizes in almost all companies and regions has been the highest for some time, and all this has given a year of impressive financial results.

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Deere announced its new operating model, Deere Smart Industrial’s strategy, in June 2020, to focus on integrating smart technologies into products and investing, including research. Moving forward, the company will continue to use this strategy to achieve goals related to improving the efficiency and sustainability of products.

The company released on Monday a report on sustainable development for 2021, which includes strategies for sustainable development for the future.

Deere has set targets it hopes to achieve by 2026, which include offering more electric and connected products – such as launching a fully autonomous electric tractor – and reaching 500 million acres, meaning at least one operation on each unique acres have been documented in Deere’s online farm management system.

By 2030, Deere plans to increase plant protection and nitrogen use by customers by 20%, as well as reduce customer emissions by 35%. The company has also set itself the goal of reducing its environmental footprint and achieving higher product circulation.

Deere is moving to the final year of its 2022 sustainable development goals, which include responsible water use and increased recycling. One goal has already been achieved – since 2017, greenhouse gas emissions have been reduced by 20%.

The company’s board of directors also announced regular quarterly dividends of $ 1.05 per share on the company’s common stock. Dividends are paid on May 9 to shareholders registered on March 31.

Other issues raised at the meeting included:

  • All 11 directors on Deere & Company’s board of directors were re-elected on the basis of votes cast before 5pm on Tuesday. Polling stations were officially closed at 11 a.m. Wednesday.
  • Shareholders voted to ratify the appointment of Deloitte & Touche LLP by an independent registered accounting firm Deere for fiscal year 2022.
  • An optional, advisory vote was held to compensate the executive branch.
  • The shareholders ‘proposal to allow all shareholders – not just those who have held shares for more than a year – to be included in the 25% of shares required to convene an extraordinary shareholders’ meeting did not garner the required number of votes for approval.
  • A plan of share ownership of the director, which is not working, has been approved. The plan, a continuation of the plan, which expires in March, provides for an annual reward for the company’s common stock with some restrictions for non-working directors.
  • Asked about the possible effects of the conflict on the Ukrainian-Russian border on Deere, Mae said the company was closely monitoring the situation and seeking to understand what risk it could pose to Deere customers to plan risk reduction efforts.

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