ARLINGTON, Va., June 13, 2014 /PRNewswire/ -- Arlington Asset Investment Corp. (NYSE: AI) held its 2014 Annual Meeting of Shareholders (the "Annual Meeting") on Wednesday, June 11, 2014. The proposals considered at the Annual Meeting are described in detail in the Company's definitive proxy statement for the Annual Meeting as filed with the Securities and Exchange Commission on April 9, 2014.
At the Annual Meeting, shareholders elected Eric F. Billings, Daniel J. Altobello, Daniel E. Berce, David W. Faeder, Peter A. Gallagher, Ralph S. Michael, III and J. Rock Tonkel, Jr. to the Company's Board of Directors to serve a term of one year each (Proposal 1), approved on an advisory basis the executive compensation of the Company's named executive officers (Proposal 3) and ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accountants of the Company for the fiscal year ending December 31, 2014 (Proposal 4).
While approximately 90% of the votes cast were in favor of the Company's 2014 Long-Term Incentive Plan (Proposal 2), the total votes cast on Proposal 2 represented approximately 45% in interest of all shares entitled to vote on Proposal 2, while 50% were required to be cast as described in the proxy statement. Therefore, the Company adjourned the Annual Meeting to allow for additional time for the Company's shareholders to vote on Proposal 2 as reported in the proxy statement. The Annual Meeting will reconvene on July 15, 2014 at 10:00 a.m., Eastern Time, at the Company's offices, located at 1001 Nineteenth Street North, Suite 1900, Arlington, Virginia 22209 for the purpose of approving Proposal 2.
During the period of the adjournment, the Company will continue to solicit proxies from its shareholders with respect to Proposal 2. Shareholders who have already voted need not take any action on the proposal, although they may change their vote for the proposal by executing a new proxy or revoking a previously given proxy in the manner set forth in the Company's proxy statement.