Lazard Shareholders Approve Auditor, Vote on Executive Pay and Directors at Annual Meeting

Lazard, Inc. held its Annual Meeting of Shareholders on May 8, 2025, where investors voted on three key proposals. Shareholders re-elected directors Peter Harrison and Dan Schulman. Harrison received strong support, with over 76 million votes in favor, while Schulman was re-elected with approximately 70 million votes and 5.9 million withheld.

A non-binding advisory vote on executive compensation passed with narrower approval—approximately 51 million votes in favor versus nearly 25 million against. Meanwhile, shareholders overwhelmingly ratified the appointment of Deloitte & Touche LLP as the company’s independent auditor for 2025, with over 85 million votes in support.

All proposals received sufficient support to be approved.

Lazard, Inc. reported first-quarter 2025 net revenue of $648 million and adjusted net revenue of $643 million, with net income of $60 million or $0.56 per diluted share on both a GAAP and adjusted basis. The firm highlighted progress toward its Lazard 2030 Strategic Plan, reaching a total of 210 Financial Advisory Managing Directors, launching three active ETFs in the U.S. to expand its asset management offerings, and forming a strategic alliance with Arini Capital Management to strengthen its private capital connectivity in Europe.

CEO and Chairman Peter R. Orszag commented that Lazard delivered a solid performance despite an uncertain business environment. He emphasized the company's continued focus on serving clients by leveraging its global reach and deep expertise at the intersection of business and geopolitics, while making steady progress toward its long-term growth goals.

Lazard, Inc. filed a Form 8-K on March 3, 2025, announcing the election of Peter Harrison to its Board of Directors, effective immediately. Harrison will serve on the Audit and Workplace and Culture Committees and will receive compensation according to the company’s independent director compensation program, as described in its 2024 proxy statement.

A press release regarding Harrison’s appointment is attached as Exhibit 99.1. The information disclosed is furnished and not considered filed under the Securities Exchange Act.