NEWTON, Mass.--(BUSINESS WIRE)--Hospitality Properties Trust (Nasdaq: HPT) today announced the results of its annual meeting held on June 14, 2018, as follows:
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 advisory resolution to approve the compensation paid to the Trust’s named executive officers did not receive the required share votes of shareholders.
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, New York City Fire Pension Fund, New York City Teacher’s Retirement System and the New York City Police Policy 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 shareholder proposal by UNITE HERE! that the Trust adopt a consequential majority vote standard for uncontested director elections was approved by a majority of the share votes cast.
William A. Lamkin, the Class II 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. Lamkin 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. Lamkin 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 William A. Lamkin to serve as a Class II 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.