TORONTO, May 10, 2022
/CNW/ - Element Fleet Management Corp. (TSX: EFN) ("Element"
or the "Company"), the largest pure-play automotive fleet manager
in the world, confirmed today that all ten nominees listed in its
management information circular dated April
1, 2022 were elected as directors at the Annual Meeting of
Shareholders held on May 10, 2022
(the "Meeting"), with each director receiving approximately 99.0%
or more of votes cast in favour of their election. A total of
298,256,389 common shares (approximately 74.53% of the outstanding
common shares) were represented in person or by proxy at the
Meeting.
"We would like to acknowledge and thank our shareholders, both
for the excellent voter turnout of over 74% of shares voted and
also for their continued support as evidenced by the voting
percentages at the Meeting," said Jay
Forbes, President and Chief Executive Officer of Element.
"We remain committed and focused on our organic growth strategy to
generate 4-6% annual net revenue growth, magnified by our scalable
operating platform into higher rates of operating income growth;
advance our capital-lighter business model that enhances return on
equity; and grow free cash flow and return excess equity to
shareholders through growing common dividends and share
buybacks."
The detailed results of the vote for the election of directors
at the Meeting are set out below:
|
Votes for
|
% for
(of votes cast)
|
Votes
withheld
|
% withheld
(of votes cast)
|
David F.
Denison
|
294,597,261
|
98.97%
|
3,068,324
|
1.03%
|
Virginia
Addicott
|
297,512,763
|
99.95%
|
152,822
|
0.05%
|
Andrew
Clarke
|
297,510,926
|
99.95%
|
154,659
|
0.05%
|
Jay Forbes
|
297,510,471
|
99.95%
|
155,114
|
0.05%
|
G. Keith
Graham
|
296,878,229
|
99.74%
|
787,356
|
0.26%
|
Alexander D.
Greene
|
297,479,383
|
99.94%
|
186,202
|
0.06%
|
Joan
Lamm-Tennant
|
295,326,237
|
99.21%
|
2.339,348
|
0.79%
|
Rubin J.
McDougal
|
297,510,872
|
99.95%
|
154,713
|
0.05%
|
Arielle
Meloul-Wechsler
|
296,258,433
|
99.53%
|
1,407,512
|
0.47%
|
Andrea Rosen
|
295,532,617
|
99.28%
|
2,132,968
|
0.72%
|
In addition, shareholders approved an advisory resolution (say
on pay) on executive compensation with 96.55% of votes cast in
favour of the resolution, and approved the re-appointment of Ernst
& Young LLP as the Company's independent auditors.
For complete results on all matters voted on at the Meeting, see
Element's Report of Voting Results filed on the Company's SEDAR
profile at www.sedar.com.
About Element Fleet Management
Element Fleet Management (TSX: EFN) is the largest pure-play
automotive fleet manager in the world, providing the full range of
fleet services and solutions to a growing base of loyal,
world-class clients – corporates, governments and not-for-profits –
across North America, Australia and New
Zealand. Element enjoys proven resilient cash flow, a
significant proportion of which is returned to shareholders in the
form of dividends and share buybacks; a scalable operating platform
that magnifies revenue growth into earnings growth; and an evolving
capital-lighter business model that enhances return on equity.
Element's services address every aspect of clients' fleet
requirements, from vehicle acquisition, maintenance, accidents and
remarketing, to integrating EVs and managing the complexity of
gradual fleet electrification. Clients benefit from Element's
expertise as the largest fleet solutions provider in its markets,
offering unmatched economies of scale and insight used to reduce
fleet operating costs and improve productivity and performance. For
more information, visit www.elementfleet.com/investors.
This press release includes forward-looking statements
regarding Element and its business. Such statements are based on
the current expectations and views of future events of Element's
management. In some cases the forward-looking statements can be
identified by words or phrases such as "may", "will", "expect",
"plan", "anticipate", "intend", "potential", "estimate", "believe"
or the negative of these terms, or other similar expressions
intended to identify forward-looking statements, including, among
others, statements regarding Element's improvements to run-rate
profitability; enhancements to clients' service experience and
service levels; enhancement of financial performance; improvements
to client retention trends; reduction of operating expenses;
increases in efficiency;
EV strategy and capabilities; global EV adoption
rates; Element's dividend policy and the payment of future
dividends; transformation of its core business; creation of value
for all stakeholders; expectations regarding syndication; growth
prospects and expected revenue growth; level of workforce
engagement; improvements to magnitude and quality of earnings;
executive hiring and retention; focus and discipline in investing;
balance sheet management and plans to reduce leverage ratios;
anticipated benefits of the balanced scorecard initiative;
Element's proposed share purchases, including the number of common
shares to be repurchased, the timing thereof and TSX acceptance of
the NCIB and any renewal thereof; and expectations regarding
financial performance. No forward-looking statement can be
guaranteed. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause Element's
actual results, performance or achievements, or industry results,
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statement
or information. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. Such
risks and uncertainties include those regarding the ongoing
COVID-19 pandemic, risks regarding the fleet management and finance
industries, economic factors and many other factors beyond the
control of Element. A discussion of the material risks and
assumptions associated with this outlook can be found in Element's
annual MD&A, and Annual Information Form for the year ended
December 31, 2021, each of which has
been filed on SEDAR and can be accessed at www.sedar.com. Except as
required by applicable securities laws, forward-looking statements
speak only as of the date on which they are made and Element
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
SOURCE Element Fleet Management Corp.