Good afternoon, ladies and gentlemen, and welcome to the Killam Apartment REIT's 2020 meeting of unitholders. At this time, all lines are in listen-only mode. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, May 7th, 2020. I would now like to turn the conference over to Philip Fraser. Please go ahead.
Good afternoon, ladies and gentlemen. My name is Philip Fraser, and I am the President and CEO of Killam Apartment REIT. I am pleased to chair this year's annual meeting of unitholders. Many things have changed due to COVID-19 in the past two months, and our annual meeting is no exception. Killam's Executive Vice President, Robert Richardson, and Dale Noseworthy, Killam's CFO, are with me here today to conduct the formal meeting. We have strongly encouraged all our unitholders to submit their proxies in advance and attend via webcast. During this challenging time of disruption and uncertainty, let me begin by expressing my gratitude to all our employees for their remarkable dedication throughout this crisis. We are proud of our resident managers, maintenance, and cleaning teams who have adapted rapidly to this pandemic, ensuring we continue to provide safe and secure housing to our residents.
In order to ensure that the meeting covers the required business in an efficient manner, we have prearranged with unitholders and proxy holders to move and to second the motions of business. I welcome all guests attending by webcast but note that only registered unitholders and duly appointed proxy holders physically present at the meeting are entitled to vote on the matters before the meeting. The meeting of unitholders of Killam Apartment REIT will now come to order. With the consent of the meeting, I will ask Ron Barron to act as secretary of the meeting.
Thanks, Phil.
The first item of business will be the appointment of a scrutineer. I will ask Colleen Nielsen of Computershare Investor Services Inc of Canada to act as scrutineer. I have received the declaration prepared by an officer of Computershare, indicating that the notice calling this meeting with the accompanying information circular, form of proxy, annual report, and auditor's report were mailed to all unitholders of record as at March 25th, 2020. Accordingly, with the consent of the meeting, the reading of the notice of the meeting will be dispensed with, and I request the secretary to keep a copy of the notice of meeting and proof of service with the minutes of this meeting. I would ask the scrutineer to summarize the scrutineer's report on attendance.
Mr. Chairman, I, the undersigned scrutineer from Computershare Investor Services Inc, hereby report that there are at least two unitholders and/or proxyholders present at this meeting, representing in person or by proxy 67,842,161 units, being 66.27% of the total outstanding units of Killam Apartment REIT.
Based on the scrutineer's report, I declare that the requisite quorum of unitholders is present and direct that the scrutineer's report be kept with the minutes of this meeting. I now declare that the meeting has been called and is properly constituted for the transaction of business. As the first matter of formal business, I table at this meeting the financial statements of Killam Apartment REIT for the year ended December 31st, 2019, with a report of the auditors thereon. I do not propose to ask unitholders to approve the financial statements. We will now proceed with the election of trustees for the ensuing year. I now declare the meeting open for nominations.
I nominate the following persons for the election as trustees of the REIT for the ensuing year or until their successors are elected or appointed: Timothy Banks, Philip Fraser, Robert Kay, Aldéa Landry, Jim Lawley, Arthur Lloyd, Karine MacIndoe, Laurie MacKeigan, Robert Richardson, Manfred Walt, Wayne Watson. I will now ask Robert Richardson to move, and Dale Noseworthy to second the resolution to elect those nominated as trustees.
Mr. Chairman, my name is Robert Richardson, and I move that those nominated be elected as trustees of the REIT to hold office until the next annual meeting of the unitholders or until their successors are elected or appointed.
Mr. Chairman, my name is Dale Noseworthy, and I second the motion.
You have heard the motion, and if there are no discussions, I ask for those in favor to signify by raising their hands. Any against? I declare the resolution carried and those nominated to be duly elected trustees of the REIT to hold office for the ensuing year or until their successors are elected or appointed. The next item of business is the appointment of auditors. I will ask Robert Richardson to move and Dale Noseworthy to second the resolution appointing the auditors for the ensuing year.
Mr. Chairman, my name is Robert Richardson, and I move that Ernst & Young LLP, chartered professional accountants, be appointed auditors of the REIT to hold office until the next annual meeting of unitholders at such remuneration as may be fixed by the trustees, and the trustees be authorized to fix such remuneration.
Mr. Chairman, my name is Dale Noseworthy, and I second the motion.
You have heard the motion, and if there are no discussion, I ask for those in favor to signify by raising their hand. Any against? I declare the resolution carried and Ernst & Young LLP to be appointed auditors of the REIT to hold office until the next annual meeting of unitholders at such remuneration as may be fixed by the trustees. The next item of business is an advisory vote on Killam's approach to executive compensation as set forth in the information circular in respect of this meeting. I will now ask Robert Richardson to move and Dale Noseworthy to second the resolution on an advisory basis, the approach of Killam's approach to executive compensation.
Mr. Chairman, my name is Robert Richardson, and I move that on an advisory basis and not to diminish the roles and responsibilities of the board of trustees, that the unitholders accept the approach to executive compensation disclosed in the information circular.
Mr. Chairman, my name is Dale Noseworthy, and I second the motion.
You have heard the motion, and if there is no discussion, I ask for those in favor to signify by raising their hand. Any against? I declare the resolution carried. As there is no further formal business, may I please have a motion to terminate the meeting?
I move the meeting be terminated.
I second the motion.
All those in favor, please signify by raising your hand. I declare the motion carried and the meeting terminated. Thank you, Dale and Robert. Before signing off, we would like to thank our unitholders for their commitment and investment in our company. We will continue to build unitholder value for the long term. Because of our strong performance in 2019, we are well-positioned to weather COVID-19's public health crisis. Thank you.
Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.