Transat A.T. Inc.

shareholders have voted to keep the status quo at the company’s

board of directors

, approving proposals put forward by outgoing board members, including for all of its nominees.

Voters defeated proposals by

the airline’s
largest shareholder

,

Pierre Karl Péladeau‘s

Financière Outremont Inc., including reducing the number of board members.

During the company’s annual general meeting on March 10, shareholders voted instead to have a minimum of eight and maximum of 15 directors on the board.

“Shareholders have made their decision, which now guides the company,” Daniel Desjardins, an elected board member said in a statement issued by the company after the meeting.

Voters were also in favour of the eight nominees put forward by Transat’s current board, led by chair Susan Kudzman.

In addition to Desjardins, Stéphane Lefebvre, Bruno Matheu and Air Transat’s president and chief executive Annick Guérard were elected and will remain as board members. Christiane Bergevin, Marie-Pierre Dhers, Michael R. DiLollo and Vincent Duhamel were newly elected and are set to fill in the remaining seats of outgoing members Geneviève Brouillette, Lucie Chabot, Valerie Chort, Robert Coallier, Ian Rae and Julie Tremblay.

Péladeau’s nominees, including himself, Du Musée Investments Inc. chief executive André Brosseau and market research firm Léger co-founder Jean-Marc Léger, were defeated.

Late last year, Péladeau’s firm, which holds nearly 10 per cent of Transat’s shares, called for the special meeting to be held “to prevent further destruction of shareholder value” of the Montreal-based airline. He had publicly expressed disapproval over the airline’s financial position and strategy.

The company also released its first quarter earnings results on Tuesday, reporting a net loss of $29.5 million or $0.73 per share compared to a net loss of $122.5 million or $3.10 per share last year.

Transat’s revenues were up five per cent in the quarter to $870.7 million from $829.5 million the prior year. Its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $33.6 million, up from $20 million last year.

Guérard said that initiatives implemented by the carrier in the last several quarters, including its Elevation Program, diversification of network routes and airline partnerships, produced the five per cent revenue growth and a strong 68 per cent year-over-year increase in EBITDA.

“We are encouraged by improved profitability in the first quarter,” said Jean-François Pruneau, Transat’s chief financial officer.

• Email: dpaglinawan@postmedia.com

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