Riocan Real Estate Investment Trust Announces Results of Voting at Its Annual and Special Meeting
TORONTO, June 13, 2023 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) today announced the results of the votes held at its June 13, 2023 annual and special meeting of unitholders (the “Meeting”).
The total number of units represented by unitholders present in person or by proxy at the Meeting was 171,503,612, representing 57.19% of RioCan’s 299,863,315 outstanding units entitled to be voted.
Each of the nominee Trustees listed in the Trust’s Management Information Circular dated April 28, 2023 was elected as a Trustee. RioCan received proxies with regard to voting on the ten Trustees nominated for election, as set forth in the table below:
| Name of Nominee | Votes For | % | Votes Withheld | % |
| Bonnie Brooks, C.M. | 167,568,595 | 98.28% | 2,925,948 | 1.72% |
| Richard Dansereau | 168,939,585 | 99.09% | 1,554,958 | 0.91% |
| Janice Fukakusa, C.M. | 164,778,895 | 96.65% | 5,715,648 | 3.35% |
| Jonathan Gitlin | 167,461,088 | 98.22% | 3,033,455 | 1.78% |
| Marie-Josée Lamothe | 168,026,477 | 98.55% | 2,468,066 | 1.45% |
| Dale H. Lastman, C.M., O.Ont. | 165,871,126 | 97.29% | 4,623,417 | 2.71% |
| Jane Marshall | 162,278,696 | 95.18% | 8,215,847 | 4.82% |
| Edward Sonshine, O.Ont., K.C. | 163,259,506 | 95.76% | 7,235,037 | 4.24% |
| Siim A. Vanaselja | 158,491,643 | 92.96% | 12,002,900 | 7.04% |
| Charles M. Winograd | 164,047,876 | 96.22% | 6,446,667 | 3.78% |
Appointment of Auditors
Ernst & Young LLP was reappointed as the auditor of the Trust until the next annual meeting of unitholders by resolution passed by a majority of the unitholders. Management received proxies to vote for the appointment of the auditor (and to authorize the Trustees to fix their remuneration) as follows:
| Votes For | % | Votes Withheld | % |
| 168,938,215 | 98.50% | 2,569,364 | 1.50% |
Amendments to the Amended and Restated Deferred Unit Plan
The ordinary resolution authorizing and approving the amendments to the Trust’s Amended and Restated Deferred Unit Plan approved by the Board of Trustees on February 15, 2023 was approved as follows:
| Votes For | % | Votes Against | % |
| 163,722,842 | 96.03% | 6,765,676 | 3.97% |
Say-On-Pay Non-Binding Advisory Vote
The non-binding say-on-pay vote on the Trust’s approach to executive compensation was passed as follows:
| Votes For | % | Votes Against | % |
| 129,513,536 | 75.97% | 40,974,982 | 24.03% |
The Board takes the views of unitholders seriously and will continue to expand its engagement with unitholders and take unitholder feedback into consideration for future decisions. Consistent with our approach to say-on-pay, we will disclose to unitholders as soon as practicable, and no later than six months from today, a summary of feedback received and any changes to the executive compensation program made or anticipated.
About RioCan
RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2023, our portfolio is comprised of 191 properties with an aggregate net leasable area of approximately 33.5 million square feet (at RioCan’s interest) including office, residential rental and 11 development properties. To learn more about us, please visit www.riocan.com.
CONTACT: Information contact: Kim Lee Vice President, Investor Relations, RioCan REIT (416) 646-8326 klee@riocan.com
