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Tanger Factory Outlet shareholders reject executive compensation proposal

Tanger Factory Outlet Centers Inc.'s common shareholders rejected the company's named executive officer compensation proposal.

At the outlet center real estate investment trust's annual shareholder meeting held May 18, 29,588,133 shares were voted to approve the proposal on a nonbinding basis, while 40,949,995 were voted against it.

Tanger had said in its proxy filing that its compensation committee believes that the company's executive compensation program strongly ties both the REIT's short-term and long-term performance to executive compensation levels, and that it will be a key driver of its financial success over the long term.

Although the vote is advisory and nonbinding, Tanger had said in the proxy filing that its board and compensation committee will evaluate the voting results.