Suburban Propane Partners, L.P. Announces Results from Tri-Annual Meeting of Unitholders

Rhea-AI Summary

Suburban Propane Partners, L.P. (NYSE:SPH) held its 2021 Tri-Annual Meeting of Unitholders on May 18, 2021. All seven nominees proposed by the Board were re-elected for a three-year term. Key approvals included the appointment of PricewaterhouseCoopers LLP as the independent accounting firm for the 2021 fiscal year, an Amended and Restated 2018 Restricted Unit Plan, and an advisory resolution on executive compensation. A detailed voting report is available on Suburban Propane's website. The company services over 1 million customers across 41 states.

Positive

• All seven nominees for the Board of Supervisors were re-elected, ensuring continuity in leadership.
• PricewaterhouseCoopers LLP was ratified as the independent accounting firm, which may instill confidence in financial reporting.
• Approval of the Amended and Restated 2018 Restricted Unit Plan could motivate key personnel and align their interests with unitholders.

Negative

• None.

WHIPPANY, N.J., May 19, 2021 /PRNewswire/ -- Suburban Propane Partners, L.P. (NYSE:SPH) a nationwide distributor of propane, renewable propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity and investor in low carbon fuel alternatives, today announced the results from its 2021 Tri-Annual Meeting of Unitholders held on May 18, 2021. 

At the meeting, the Unitholders re-elected to the Board of Supervisors, for a three-year term, all seven nominees proposed by the Board:

Nominee
Matthew J. Chanin
Harold R. Logan, Jr.
Jane Swift
Lawrence C. Caldwell
Terence J. Connors
William M. Landuyt
Michael A. Stivala

At the meeting, the Unitholders also approved: (1) the ratification of the appointment of PricewaterhouseCoopers LLP as the Partnership's independent registered public accounting firm for the Partnership's 2021 fiscal year; (2) the Partnership's Amended and Restated 2018 Restricted Unit Plan; and (3) an advisory resolution approving executive compensation (commonly referred to as "Say-on-Pay").

Because the Partnership's agreement of limited partners provides for Tri-Annual Meetings of the Unitholders (once every three years), no proposal regarding the frequency of Say-on-Pay resolutions was presented to the Unitholders at the meeting.  The Partnership will, for so long as required by applicable law, include a Say-on-Pay proposal at each Tri-Annual Meeting.

A detailed report of Unitholder voting results at the Partnership's 2021 Tri-Annual Meeting of Unitholders can be found on Suburban Propane's website at http://suburbanpropane.com/triannual or in the Current Report on Form 8-K that the Partnership is filing with the Securities and Exchange Commission.

About Suburban Propane:
Suburban Propane Partners, L.P., a nationwide distributor of propane, renewable propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity and investor in low carbon fuel alternatives, servicing over 1 million customers through its 700 locations across 41 states. The company proudly celebrated 90 years of innovation, growth and quality service in 2018. The brand is currently focused on three core elements including Suburban Commitment - showcasing the company's 90+ year legacy of flexibility, reliability and dependability, Suburban Cares - highlighting dedication to serving local communities across the nation and Go Green with Suburban Propane - promoting the affordable, clean burning and versatile nature of propane as a bridge to a green energy future. Suburban Propane is a New York Stock Exchange listed limited partnership headquartered in Whippany, NJ.

For additional information on Suburban Propane, please visit www.suburbanpropane.com.

View original content to download multimedia:http://www.prnewswire.com/news-releases/suburban-propane-partners-lp-announces-results-from-tri-annual-meeting-of-unitholders-301294938.html

SOURCE Suburban Propane Partners, L.P.

FAQ

What were the results of the May 2021 Tri-Annual Meeting of Unitholders for SPH?

All seven nominees were re-elected to the Board for a three-year term, and several proposals were approved, including the appointment of PricewaterhouseCoopers LLP.

What is the significance of the Say-on-Pay resolution for SPH?

The Say-on-Pay resolution was approved, allowing unitholders to express their views on executive compensation during future Tri-Annual Meetings.

Where can I find the detailed voting results from the SPH Unitholder meeting?

Detailed voting results from the meeting can be found on Suburban Propane's website.

Who are the newly re-elected members of the Board for SPH?

The re-elected Board members are Matthew J. Chanin, Harold R. Logan, Jr., Jane Swift, Lawrence C. Caldwell, Terence J. Connors, William M. Landuyt, and Michael A. Stivala.