Friedman Industries Shareholders Elect Board but Reject Bylaw Change

Friedman Industries held its annual shareholder meeting on 22 September 2026 in Houston, Texas. The company’s shareholders voted to elect six directors to the board, approve executive pay, and confirm their auditor for the coming fiscal year. However, a proposed change that would have let shareholders amend company bylaws without board approval did not pass.

All six nominees for the board won seats. Michael J. Taylor received the strongest support, with over 4.1 million votes in favour and just over 13,000 against. Two other directors, Sandy Scott and Joe L. Williams, received noticeably more votes withheld by shareholders, suggesting some concerns about their positions. Still, both were elected comfortably.

Shareholders also approved the company’s executive compensation package, with more than 4 million votes in favour. Baker Tilly US, LLP was ratified as the company’s independent auditor for the fiscal year ending 31 March 2027, receiving strong backing.

The meeting included a vote on an amendment to Friedman Industries’ Articles of Incorporation. This amendment would have allowed shareholders to amend the company’s bylaws directly, rather than needing board approval. Although more than 4 million votes supported it, the proposal fell short of the two-thirds majority required, so it was not adopted.

This means the current governance structure remains in place, with shareholders lacking the power to change bylaws on their own. The failed amendment and the higher withheld votes for certain directors may point to some shareholder dissatisfaction, though the company’s leadership and compensation received clear support.

Friedman Industries is a metals-processing and pipe manufacturing company based in Texas. Its stock trades on Nasdaq under the symbol FRD. The board was reduced from seven to six directors this year following the retirement of Tim Stevenson.