FirstService Announces Election of Directors

Rhea-AI Summary

On April 6, 2023, FirstService Corporation (FSV) held its annual shareholder meeting, where all eight director nominees from the management information circular dated February 27 were successfully elected. Voting Results:

• Yousry Bissada: 90.31% votes for
• Elizabeth Carducci: 99.90% votes for
• Steve H. Grimshaw: 90.21% votes for
• Jay S. Hennick: 89.89% votes for
• D. Scott Patterson: 99.84% votes for
• Frederick F. Reichheld: 90.95% votes for
• Joan Eloise Sproul: 99.03% votes for
• Erin J. Wallace: 75.38% votes for

Shareholders also approved PricewaterhouseCoopers LLP as the auditor, amendments to the stock option plan, and an advisory resolution on executive compensation. FirstService generates over $3.7 billion in annual revenue and employs approximately 27,000 people.

Positive

• All eight director nominees elected, indicating shareholder confidence.
• High approval rates for nominees, particularly Elizabeth Carducci at 99.90%.
• Appointment of PricewaterhouseCoopers LLP as auditor approved, ensuring credible financial oversight.
• Successful amendments to the stock option plan, potentially aligning employee interests with shareholder value.

Negative

• Erin J. Wallace received only 75.38% approval, indicating some shareholder dissent.
• -

TORONTO, April 06, 2023 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV) (NASDAQ: FSV) (“FirstService”) today announced that at its annual and special meeting of shareholders, held virtually earlier today, the eight director nominees listed in FirstService’s management information circular dated February 27, 2023 (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	34,129,823	90.31%	3,662,485	9.69%
Elizabeth Carducci	37,753,984	99.90%	38,324	0.10%
Steve H. Grimshaw	34,093,146	90.21%	3,699,162	9.79%
Jay S. Hennick	33,972,229	89.89%	3,820,079	10.11%
D. Scott Patterson	37,731,508	99.84%	60,800	0.16%
Frederick F. Reichheld	34,372,958	90.95%	3,419,350	9.05%
Joan Eloise Sproul	37,426,446	99.03%	365,862	0.97%
Erin J. Wallace	28,489,026	75.38%	9,303,282	24.62%

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 certain 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 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 US$3.7 billion in annual revenues and has approximately 27,000 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. More information is available at www.firstservice.com.

COMPANY CONTACTS:

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

Jeremy Rakusin
Chief Financial Officer
(416) 960-9566

FAQ

What were the results of the recent shareholder meeting for FirstService (FSV)?

At the April 6, 2023 meeting, all eight director nominees were elected, with Elizabeth Carducci receiving the highest approval at 99.90%.

Who was approved as the auditor for FirstService (FSV)?

PricewaterhouseCoopers LLP was approved as the auditor for FirstService for the upcoming year.

What changes were made to the stock option plan for FirstService (FSV)?

An amendment to the stock option plan was approved at the shareholder meeting, potentially benefiting employee incentives.

How much revenue does FirstService (FSV) generate annually?

FirstService generates over $3.7 billion in annual revenue.

Why was Erin J. Wallace's election result notable for FirstService (FSV)?

Erin J. Wallace received only 75.38% of votes, suggesting some shareholder dissent compared to other nominees.