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Hospitality Properties shareholders OK proxy access, director election proposals

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Hospitality Properties shareholders OK proxy access, director election proposals

Hospitality Properties Trust shareholders approved a pair of nonbinding shareholder proposals at the lodging real estate investment trust's June 14 annual meeting.

One of the proposals pertained to the REIT's adoption of a proxy access bylaw, which was submitted by the Comptroller of the City of New York on behalf of the New York City Employees' Retirement System, New York City Fire Pension Fund, New York City Teacher's Retirement System, New York City Police Policy Pension Fund and New York City Board of Education Retirement System.

The other approved proposal, submitted by labor union UNITE HERE!, called for a consequential majority vote standard for uncontested director elections.

A nonbinding advisory resolution to approve the company's executive officer compensation program failed to receive the required shareholder votes.

Further, the REIT said its board resolved to appoint William Lamkin as a class II independent trustee, despite receiving less than the majority vote requirement for his election, to comply with a requirement from the SEC, Nasdaq and the company that its board should have a majority of independent trustees.