Hospitality Properties Trust (NYSE: HPT) today announced the results of its annual meeting held earlier this week as follows:
Shareholders approved, with 93% of all shares voted, the adoption of the Hospitality Properties Trust 2012 Equity Compensation Plan.
Shareholders also approved, with 97% of all the shares voted, a nonbinding advisory resolution approving the compensation paid to the Company’s named executive officers.
Shareholders approved, with 99% of all shares voted, the ratification of appointment of Ernst & Young LLP as HPT’s independent registered public accounting firm.
Shareholders did not approve a non-binding proposal by the California Public Employee Pension Plan, or CalPERS, requesting that HPT take steps to require that all HPT Trustees stand for election each year. This proposal received 68% of the votes outstanding, which is less than the votes of 75% of the outstanding shares required for its adoption.
Mr. Adam D. Portnoy was re-elected as a Group II Managing Trustee, receiving 53% of all shares voted.
Dr. Bruce M. Gans received 42% of the shares voted, which was less than the majority of shares required to be re-elected as an Independent Trustee. As a result, Dr. Gans resigned from the Board. The Board determined that the insufficient vote for Dr. Gans appeared not to be directed at any personal failings of Dr. Gans, but rather to be the result of a policy position taken by the Board in opposition to CalPERS’s proposal. In these circumstances, and because of the Board’s determination that Dr. Gans’s continued service would be in the Trust’s best interest, the Board requested that Dr. Gans accept appointment to the vacancy created by his resignation. Dr. Gans subsequently accepted appointment as a Group II Independent Trustee.
Hospitality Properties Trust is a real estate investment trust, or REIT, which owns 290 hotels and 185 travel centers located in 44 states, Puerto Rico and Canada. HPT is headquartered in Newton, Massachusetts.