NEWTON, Mass.--(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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Source: Hospitality Properties Trust