AeroCentury elects directors, approves compensation.
M2 EQUITYBITES-May 15, 2015-AeroCentury elects directors, approves compensation
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AeroCentury Corp. (NYSE: ACY) said it has announced the final election results received from American Election Services, LLC, the independent tabulator and election inspector engaged for the company's 2015 annual stockholder meeting.
In the election of directors, Thomas W. Orr and David P. Wilson were elected to the two open board seats.
Stockholders also approved the proposal regarding the advisory vote on executive compensation and the appointment of BDO USA, LLP as independent auditors. The advisory vote on executive compensation asked for approval of the compensation that JetFleet Management Corp., AeroCentury's management company, pays to the executive officers of JMC who also serve in that same capacity at AeroCentury.
Nevertheless, a dissident stockholder attempted to mischaracterize the vote on officer compensation as a referendum on the management fee that AeroCentury pays JMC notwithstanding that executive compensation is not the same as the management fee.
Both the fees paid to JMC and the executive compensation earned by AeroCentury executive officers in their capacity as JMC officers are fully disclosed in AeroCentury's periodic securities filings.
AeroCentury is an aircraft operating lessor and finance company specializing in leasing regional aircraft and engines utilizing triple net leases. Currently, the company's portfolio consists of thirty-eight aircraft and five engines, covering ten different aircraft types. The company's current customer base comprises thirteen airlines operating worldwide.
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|Publication:||M2 EquityBites (EQB)|
|Date:||May 15, 2015|
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