FirstService Announces Election of Directors

Rhea-AI Summary

FirstService Corporation (TSX: FSV) announced the election of its eight director nominees during the annual shareholders' meeting held on April 6, 2022. The election results indicated high approval rates, with most directors receiving over 85% support. Shareholders also confirmed PricewaterhouseCoopers LLP as the auditor for the upcoming year and approved a non-binding advisory resolution on executive compensation. FirstService continues to lead in the property services sector, generating over $3.2 billion in annual revenues and employing approximately 25,000 individuals in North America.

Positive

• High approval rates for director nominees, with most receiving over 85% votes.
• Continued leadership in the property services sector with over $3.2 billion in annual revenues.
• Appointment of PricewaterhouseCoopers LLP as auditor reflects investor confidence.
• Strong insider ownership and an experienced management team.

Negative

• Only 66.3% of votes supported Erin J. Wallace, indicating potential shareholder concerns.

TORONTO, April 07, 2022 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV) (NASDAQ: FSV) (“FirstService”) today announced that at its annual meeting of shareholders, held in Toronto yesterday, the eight director nominees listed in FirstService’s management information circular dated February 25, 2022 (the “Circular”) were elected as directors of FirstService. Directors have been elected to serve until the close of the next annual meeting of shareholders. The detailed results of the vote are set out below.

Nominee	Votes For	% Votes For	Votes Withheld	% Votes Withheld
Yousry Bissada	25,902,763	85.443%	4,413,072	14.557%
Bernard I. Ghert	29,472,456	97.218%	843,379	2.782%
Steve H. Grimshaw	30,031,689	99.063%	284,146	0.937%
Jay S. Hennick	29,432,544	97.086%	883,291	2.914%
D. Scott Patterson	30,287,442	99.906%	28,393	0.094%
Frederick F. Reichheld	29,355,980	96.834%	959,855	3.166%
Joan Eloise Sproul	30,104,548	99.303%	211,287	0.697%
Erin J. Wallace	20,095,805	66.288%	10,220,030	33.712%

*   The number of votes disclosed reflects proxies received by management in advance of the meeting.

FirstService shareholders also approved the appointment of PricewaterhouseCoopers LLP as the auditor of FirstService for the ensuing year and a non-binding advisory resolution on FirstService’s approach to executive compensation, all as set out in the Circular.

About FirstService Corporation

FirstService Corporation is a North American leader in the property services sector, serving its customers through two industry-leading service platforms: FirstService Residential, North America’s largest manager of residential communities; and FirstService Brands, one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.

FirstService generates more than $3.2 billion in annual revenues and has approximately 25,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders. The common shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol “FSV”, and are included in the S&P/TSX 60 Index. For the latest news from FirstService Corporation, visit www.firstservice.com.

COMPANY CONTACTS:

D. Scott Patterson
Chief Executive Officer
(416) 960-9566

Jeremy Rakusin
Chief Financial Officer
(416) 960-9566

FAQ

What was the outcome of FirstService Corporation's annual shareholder meeting on April 6, 2022?

All eight director nominees were elected, with high approval rates.

Who were the directors elected at FirstService Corporation's annual meeting?

The eight directors elected include Yousry Bissada, Bernard I. Ghert, and Steve H. Grimshaw, among others.

What percentage of votes did the director nominees at FirstService receive?

Most nominees received over 85% of votes, with the highest being 99.9%.

What significant resolutions were passed during FirstService's annual meeting?

Shareholders approved the appointment of PricewaterhouseCoopers LLP as auditor and a resolution on executive compensation.

What is FirstService Corporation's stock symbol?

The stock symbol for FirstService Corporation is FSV.