TRADING SYMBOL: The Toronto Stock Exchange – AW.UN
VANCOUVER, April 28, 2020 /CNW/ -
The following are the voting results from the annual general meeting of Unitholders of the Fund held on April 28, 2020.
Election of Trustees
Mr. John McLernon, Mr. Hugh Smythe and Mr. Richard McKerracher were re-elected as Trustees for a term expiring at the close of the next annual general meeting of Unitholders.
The election of Trustees was conducted by show of hands of Unitholders and proxyholders present at the Meeting. In accordance with the requirements of the Toronto Stock Exchange, the following table reflects the votes represented by proxy that would have been voted for and withheld from each Trustee nominee had a ballot been called, as a percentage of votes represented at the meeting:
% For by
A prominent proxy advisory firm initially published a "Withhold" recommendation for Mr. McLernon through an inadvertent misapplication of its policy regarding diversity in the composition of a board of directors. This recommendation was subsequently corrected and revised to a "For" recommendation; however, such revision was published after a number of proxies were submitted. Accordingly, the proxy voting results for Mr. McLernon may have been affected by the initial recommendation.
Appointment of Auditors
PricewaterhouseCoopers LLP was re-appointed as auditor of the Fund and the Trustees are authorized to fix the remuneration to be paid to the auditor.
About the Fund
Launched on February 15, 2002, the Fund, through its investment in A&W Trade Marks Inc., is entitled to receive royalties from A&W Food Services of Canada Inc. in the amount of 3% of the sales of the 971 A&W restaurants in the Royalty Pool. Cash distributions are paid monthly. A&W is the second largest quick-service hamburger restaurant chain in Canada. Operating coast-to-coast, A&W restaurants feature famous trade-marked menu items such as The Burger Family ®, Chubby Chicken® and A&W Root Beer®.
SOURCE A&W Revenue Royalties Income Fund