Good morning, and welcome to the Acuity Brands' fiscal 2021 annual stockholders meeting. Stockholders may ask a question by entering it in the box in the lower left-hand side of the screen, and may vote their shares by clicking on the Vote Here button on the right-hand side of the screen. If shares have previously been voted, there is no need to vote during the meeting. Today's meeting is being recorded. If you have any objections, you may leave the meeting at this time. Now, I would like to introduce Mr. Neil Ashe.
Welcome to stockholders and guests. I'm Neil Ashe, Chairman, President, and CEO of Acuity Brands. I'm joined today on the call by Karen Holcom, our Senior Vice President and Chief Financial Officer, Barry Goldman, our Senior Vice President and General Counsel, and Jill Gilmer, our Vice President and Corporate Secretary. Also present on the call are the following director nominees: Patrick Battle, Douglas Dillard, James Hance, Maya Leibman, Laura O'Shaughnessy, Dominic Pileggi, Ray Robinson, Mark Sachleben, and Mary Winston. Also present are representatives of Ernst & Young, our independent auditors, who will be available during the question- and- answer session after the meeting to respond to questions as appropriate. Finally, present is Belinda Massafra from Broadridge Financial Solutions, who will serve as the Inspector of Elections. Broadridge is also tabulating the vote for this meeting.
We've made every effort to make the virtual annual meeting as inclusive as possible by offering our stockholders the same opportunities to participate as would be provided at an in-person meeting. This meeting, we will first provide a brief company overview and review of fiscal 2021. We will move to the business portion of the meeting and review and close voting on the four proposals that appear in our proxy statement. We will also receive the preliminary voting results for each of the four proposals. We will then adjourn the meeting and take your questions. Good morning and welcome to the Acuity Brands Annual Shareholders Meeting. I want to begin by thanking our associates for their dedication and hard work. I'd like to thank our board of directors for their engagement and oversight. I'd like to thank you, our shareholders for your continued support.
We're doing exciting things at Acuity, and I'm pleased that everyone here is part of the journey. Our fiscal year 2021 was a pivotal year for us. We advanced our corporate transformation and reached several strategic milestones. We returned the company to growth. This fiscal year, sales increased year-over-year in the third quarter, fourth quarter, and full year. We also expanded margins for the full year. We realigned our company into two segments: ABL, our Acuity Brands Lighting and Lighting Controls business, and ISG, our Intelligent Spaces Group. This alignment creates the necessary strategic focus on each segment and allows us to develop the leadership teams to deliver on the potential of each business. We maintained our strong cash flow and created value through effective capital allocation.
We acquired ams OSRAM's North American Digital Systems business to broaden our portfolio, deliver smarter technology faster, and create the opportunity to become a key strategic supplier to the industry. We also took advantage of market conditions to repurchase over 10% of our shares outstanding. We continue to add to our strong and diverse leadership team, capable of maximizing the performance of our business. We are attracting, developing, and retaining key talent for our organization. We are creating the environment where the best people come to do their best work. Our company launched Acuity Anywhere, a hybrid work model. We formed an executive-level EarthLIGHT Council. We have made meaningful progress, and we are demonstrating leadership in our environmental, social, and governance initiatives. Our 2021 performance was strong, and I continue to be proud of our associates and their dedication.
Turning to our financial performance, we reported full-year net sales of $3.5 billion, an increase of 4% compared with fiscal year 2020, driven by improved sales in the second half of fiscal year 2021. In addition, we reported a full-year operating profit margin of 12.4%, an increase of 180 basis points over the prior year. Full-year diluted earnings per share of $8.38 represented a 34% increase over the prior year. Our focus on innovation through product vitality and increasing our service levels for the benefit of our customers has delivered strong results. We are pleased with the results of our ABL segment. Much of our success is attributed to a revitalized product portfolio, productivity improvements, higher service levels, diligent cost control, prudent price increases, and successful supply chain management.
Here are just a few of our ABL product introductions. In fiscal year 2021, Acuity capitalized on the growth in industrial spaces. At the center of that effort was our rapidly growing portfolio of Contractor Select products. For example, the Lithonia Lighting Compact Pro High Bay. It's a breakthrough high bay luminaire that was designed to deliver improved performance in a smaller size to ensure ease of installation. Our CPHB has been in high demand due to the increase in warehouse renovations driven by the shift to online retail and the expansion of logistics networks across North America. The product is more efficient to transport and can be manufactured in our facilities or sourced externally to ensure supply chain flexibility. Another example from the Lithonia Lighting brand is the HomeGuard LED Security Floodlight that we recently introduced.
The floodlight offers a technology upgrade, higher efficacy, greater safety options, and ease of installation. Sales have been strong. We're off to a great start in a category where we currently have low share and strong growth opportunities. The Intelligent Spaces Group is a newly formed business segment that is comprised of Distech Controls and Atrius. It's a collection of valuable technology assets and very talented people. We are using our technology to solve problems in spaces to make them smarter, safer, and greener. Distech Controls and Atrius work together to reshape how people operate, use, and experience spaces. Distech is an open protocol building management technology that optimizes energy efficiency and comfort in buildings while reducing operating costs. Our Atrius technology gathers, unlocks, and transforms raw data to enable a broad range of software solutions that solve critical business challenges.
Between Distech Controls and Atrius, we have two essential pieces of the puzzle in delivering edge-to-cloud solutions to transform spaces. Protecting our planet is not only the right thing to do, it is good business. Our team has made significant progress and a meaningful difference. In fiscal year 2021, we committed to a goal of 100 million metric tons of carbon avoidance as a result of our projected 2020 to 2030 sales of LED luminaires, lighting controls, and building management systems, replacing older technologies in existing buildings. We published a white paper entitled Lighting the Way Toward Net Zero that details our carbon handprint methodology. The report evaluates the net environmental impact of our products and services at the point of use.
We incorporate the environmental cost of using our products and the environmental benefits of removing older, less efficient technology tied directly to our 100 million metric ton carbon avoidance goal. In addition, we reach carbon neutrality in our operations through a combination of carbon reduction and offsetting measures. We are investing in sustainable projects to positively impact our communities. Our changes are already being recognized. In December 2021, the Carbon Disclosure Project vastly improved our rating over prior periods. It's a testament to the team for prioritizing and driving our ESG initiatives. Acuity is transforming human resources and the associate experience to support the growth of our company. We are working to provide our associates with what they need to do their jobs with passion and purpose through our listening strategies, professional development opportunities, and modernizing our internal tools.
In addition, we strive to enable a more productive remote work environment and create an inclusive workplace culture that recognizes and embraces our differences. We also continue to enhance our corporate governance structure, including instituting an ongoing investor outreach program, evolving our board of directors, and changing our total rewards framework to align all of our interests. You can find more information on this in our proxy report, which we published in mid-November. Acuity is positioned at the intersection of sustainability and technology. We are building a company that can anticipate the changing needs of the industry by focusing on product vitality, introducing technology to our products and operations, and enhancing our service levels. We're excited about the opportunities for growth in our future. Our strategy to continue leading and reinventing the industry is sound.
Our company has improved our profit margins through product and productivity improvements and by leveraging our costs as we've transformed and grown. In addition, we have allocated capital effectively to grow our current businesses, add new businesses, and take advantage of market conditions to repurchase our shares, all predicated on our strong organic cash flow. Our transformation is ongoing. The Acuity team is making tremendous progress, and I'm optimistic about what's to come. Thank you again for being on this journey with us. We will now begin the business portion of the meeting. The annual meeting of stockholders will please come to order. You should be able to see the agenda on your webcast screen. As a reminder, if you are a stockholder and wish to ask a question about a proposal or any other matter, you may do so by submitting it in the Ask a Question box.
We will address questions as time allows during the session. For any questions we may not have time to answer, we will respond to each question on an individual basis after the meeting as appropriate. This annual meeting of the stockholders is held pursuant to the bylaws of the company and written notice to all stockholders. I will act as chair of the meeting, and Ms. Gilmer will act as secretary of the meeting. Jill, please proceed.
The board of directors has appointed Belinda Massafra of Broadridge to serve as the independent inspector of election for this meeting. She has provided her oath of office to me for filing with the minutes of this meeting. We have an affidavit of mailing from Broadridge Financial Solutions certifying as to the giving of notice of this meeting and the sending to stockholders of record as of November 10, 2021, the notice of Internet availability of proxy material, all of which Broadridge commenced distributing to stockholders on November 22, 2021. I also have a copy of the proxy statement and the annual report, which includes financial statements certified by Ernst & Young. A copy of the proxy statement and the annual report were sent or made available to each stockholder entitled to vote at this meeting.
Electronic copies of the proxy statement and the annual report are available on the website during this meeting. The notice of meeting and the affidavit of mailing will be filed with the minutes of this meeting. I have a list of the holders of record of common stock of the company at the close of business on November 10, 2021. This list is available for inspection by stockholders during this meeting using the registered stockholder list link found on the meeting website. As of the record date for this annual meeting, there were outstanding and entitled to vote a total of 34,987,029 shares of common stock.
The Inspector of Election has confirmed that there are 32,509,494 shares of stock represented by proxy, or approximately 93% of the shares entitled to vote at this meeting. The shares so represented exceed 50% of the total shares entitled to vote at this meeting and therefore constitute a quorum. Therefore, this meeting is duly constituted and will proceed. Now, I turn the meeting back over to Mr. Ashe.
It is 1:15 P.M. Eastern Time on January 5th, 2022, and the polls for voting on all matters are open. All Acuity Brands stockholders entitled to vote at this meeting can do so online. If you are a stockholder entitled to vote and have not yet voted, or if you want to change your previously cast vote, please do so via the website. Please remember that if you have already voted by proxy, it is not necessary to vote again. After voting has been completed on all matters on the agenda, we will close the polls and provide preliminary voting results. Today, as outlined in the proxy statement, we have four proposals for you to consider. The first proposal is the election of directors. At this meeting, we will be electing 10 directors for a one-year term expiring at the fiscal 2022 annual meeting.
The nominees are Neil Ashe, Patrick Battle, Douglas Dillard, James Hance, Maya Leibman, Laura O'Shaughnessy, Dominic Pileggi, Ray Robinson, Mark Sachleben, and Mary Winston. Information concerning their principal occupations, service as Acuity Brands board members, skills and qualifications, and other matters which may be of interest are contained in the proxy statement. No other nominations were received prior to the deadline established in the company's bylaws. Therefore, no additional nominations may be made at this meeting, and I declare the nominations are closed. The board recommends a for vote for all nominees. Seeing no questions on this proposal, we'll move on to the next proposal. The second proposal is the ratification of the appointment of the company's independent accounting firm, Ernst & Young LLP, for fiscal year 2022. The board recommends a for vote for this proposal.
Seeing no questions on this proposal, we will move on to the next proposal. Proposal 3 is an advisory vote to approve executive compensation as disclosed in the proxy statement. The board recommends a vote for this proposal. Seeing no questions on this proposal, we will continue with the meeting. Proposal 4 is the approval of the amended and restated Acuity Brands, Inc 2012 omnibus stock incentive compensation plan as described in the proxy statement. The board recommends a vote for this proposal. Seeing no questions on this proposal, we will continue with the meeting. The polls are about to close, so if you have not yet voted, please do so. Since everyone has had the opportunity to vote, it is now 1:20 P.M. and the polls are closed. I would now like to ask Ms. Gilmer to read the preliminary vote report.
The Inspector of Election has delivered her preliminary report, and I will now announce the preliminary results. I am pleased to report that all the director nominees on the ballot have been elected with over 77% of the votes cast. Therefore, each director will serve until the next annual stockholders meeting. The ratification of the company's independent accounting firm, Ernst & Young, has been approved with over 97% of the votes cast. The advisory vote on executive compensation has passed with over 68% of the votes cast in favor. The approval of the amended and restated 2012 omnibus stock incentive compensation plan passed with over 95% of the votes cast in favor. We will report the details of the final voting results on all of these proposals in the company's Form 8-K expected to be filed with the SEC within four business days.
I will now turn the meeting back over to Mr. Ashe.
Thank you, Jill. The business portion of the meeting is concluded and adjourned. We will now take general questions about the company and its business. We will try to answer as many of the questions as we can. We may rephrase a question when necessary for comprehension. Where there are multiple questions on the same topic, we will select a representative question to answer. If we do not get to all the questions today, we will respond to each question on an individual basis after the meeting as appropriate. I see two questions which are essentially the same question, which is regarding the dividend. The dividend has stayed the same at the same low level for many years. I would suggest that the amount should be doubled in the next year. Thank you. I'd like to take this opportunity to restate our capital allocation priorities.
We believe that effective capital allocation is a key way in which we can create long-term shareholder value. Our capital allocation priorities are the following. First, we'll invest in our current businesses. The second is we'll grow our company through mergers and acquisitions. The third is that we'll maintain our dividend. The fourth is that we will take advantage of market opportunities for share repurchase if we see the opportunity for permanent value creation. We've given careful consideration to this capital allocation strategy, and it's our belief that the most effective thing we can do is to continue to maintain the dividend at its current level. I see no other questions. With that, this concludes the Q&A session of the meeting.
Ladies and gentlemen, thank you for participating in today's meeting, and thank you for your continued commitment and investment in Acuity Brands. We'll talk to you again next year.
This concludes the meeting. Thank you again for joining us today, and have a wonderful day. You may now disconnect.