FirstService Announces Election of Directors

Rhea-AI Summary

FirstService Corporation announced the election of eight directors at its recent annual shareholder meeting held in Toronto. All nominees listed in the February 19, 2021 Circular were elected to serve until the next annual meeting. The votes reflected strong support, with individual nominees receiving up to 99.872% in favor. Additionally, shareholders approved the appointment of PricewaterhouseCoopers LLP as auditors, amendments to the stock option plan, and a non-binding advisory resolution on executive compensation. FirstService generates approximately US$2.8 billion in annual revenues.

Positive

• Strong support for board nominees, with votes for reaching up to 99.872%.
• Approval of PricewaterhouseCoopers LLP as auditors indicates investor confidence.
• Amendments to stock option plan suggest positive employee engagement.

Negative

• Some directors received significant votes withheld, indicating potential shareholder concerns.

TORONTO, April 07, 2021 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV) (NASDAQ: FSV) (“FirstService”) today announced that at its annual and special meeting of shareholders, held in Toronto yesterday, the eight director nominees listed in FirstService’s management information circular dated February 19, 2021 (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
Brendan Calder	27,592,729	92.302%	2,301,089	7.698%
Bernard I. Ghert	29,732,724	99.461%	161,094	0.539%
Jay S. Hennick	29,102,507	97.353%	791,311	2.647%
D. Scott Patterson	29,829,721	99.786%	64,097	0.214%
Frederick F. Reichheld	29,165,505	97.564%	728,313	2.436%
Joan Eloise Sproul	29,855,691	99.872%	38,127	0.128%
Michael Stein	26,694,349	89.297%	3,199,469	10.703%
Erin J. Wallace	29,439,534	98.480%	454,284	1.520%

*   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, an amendment to the FirstService stock option plan along with ratifying and approving the issuance of certain stock options granted to employees of FirstService 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 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 approximately US$2.8 billion in annual revenues and has approximately 24,000 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. The common shares of FirstService trade on the NASDAQ under the symbol “FSV” and on the Toronto Stock Exchange under the symbol “FSV”. More information is available at www.firstservice.com.

COMPANY CONTACTS:

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

Jeremy Rakusin
Chief Financial Officer
(416) 960-9566

FAQ

What were the results of FirstService's annual meeting held on April 6, 2021?

All eight director nominees were elected with substantial support, receiving up to 99.872% of votes in favor.

Who was appointed as auditors for FirstService Corporation for the upcoming year?

PricewaterhouseCoopers LLP was approved as the auditor for the next year.

How much revenue does FirstService Corporation generate annually?

FirstService generates approximately US$2.8 billion in annual revenues.

What percentage of votes were withheld for the directors of FSV?

Votes withheld for some directors reached up to 10.703%, indicating potential concerns among some shareholders.