Hospitality Properties Trust Announces Annual Meeting Results
June 19 2017 - 8:00AM
Business Wire
Hospitality Properties Trust (Nasdaq:HPT) today announced the
results of its annual meeting held last week, as follows:
Barry M. Portnoy, the Class I Managing Trustee nominee, was
re-elected with a majority of the shares voted.
Shareholders approved by the required share votes a non-binding
resolution that the frequency of future advisory votes to approve
executive compensation be set at every one year.
Shareholders approved by the required share votes a non-binding
ratification of the appointment of Ernst & Young LLP as the
Trust’s independent registered public accounting firm.
A non-binding shareholder proposal by UNITE HERE! that the Trust
take certain steps to opt-out of the Maryland Unsolicited Takeovers
Act, and that future election by the Trust to opt-in to provisions
of the Maryland Unsolicited Takeovers Act should not be made
without shareholders’ prior approval, was approved by a majority of
the share votes cast.
A non-binding shareholder proposal by the Comptroller of the
City of New York, as the custodian and a trustee of the New York
City Employees’ Retirement System and the New York City Police
Pension Fund, and custodian of the New York City Board of Education
Retirement System, that the Trust adopt a “proxy access” bylaw was
approved by a majority of the share votes cast.
A non-binding advisory resolution to approve the compensation
paid to the Trust’s named executive officers received less than the
majority of share votes required for approval under the Trust’s
governing documents.
John L. Harrington, the Class I Independent Trustee nominee,
received less than the majority of share votes for his election.
Under applicable provisions of Maryland law and the Trust’s
governing documents, Mr. Harrington therefore became a holdover
Independent Trustee and he then tendered his resignation.
Thereafter, the Trust’s Nominating and Governance Committee and the
Trust’s Board met and considered, among other things, that
applicable Securities and Exchange Commission rules, Nasdaq listing
requirements and the Trust’s governing documents require that the
Trust have a majority of Independent Trustees and that Mr.
Harrington had in the past provided high quality services as
Independent Trustee. Based upon these considerations and others,
the Nominating and Governance Committee recommended to the Board,
and the Board then determined to appoint John L. Harrington to
serve as a Class I Independent Trustee until the next scheduled
election for this position or until his successor qualifies.
Hospitality Properties Trust is a real estate investment trust,
or REIT, which owns a diverse portfolio of hotels and travel
centers located in 45 states, Puerto Rico and Canada. HPT's
properties are operated under long term management or lease
agreements. HPT is managed by the operating subsidiary of The RMR
Group Inc. (Nasdaq:RMR), an alternative asset management company
that is headquartered in Newton, Massachusetts.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq.No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
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version on businesswire.com: http://www.businesswire.com/news/home/20170619005369/en/
Hospitality Properties TrustKatie Strohacker, 617-796-8232Senior
Director, Investor Relationswww.hptreit.com
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