DEF 14A: Eagle Point Credit Company to Hold Annual Stockholders Meeting on May 15, 2024

Eagle Point Credit Company will hold its annual stockholders meeting on May 15, 2024, to elect two directors.

Summary

• Eagle Point Credit Company Inc. will hold its 2024 Annual Meeting of Stockholders on May 15, 2024, at 8:00 a.m. Eastern Time, in Greenwich, CT.
• The primary purpose of the meeting is to elect two directors: Mr. Scott W. Appleby and Mr. Jeffrey L. Weiss, each to serve until the 2027 annual meeting.
• Holders of common and preferred stock will vote together as a single class.
• The Board of Directors has set March 28, 2024, as the record date for determining stockholders eligible to vote.
• As of the record date, there were 85,301,892 shares of common stock, 2,172,553 shares of Series C Preferred Stock, 1,473,782 shares of Series D Preferred Stock, and 2,056,772 shares of Series F Preferred Stock outstanding.
• The Board recommends voting FOR the re-election of both nominees.
• The proxy statement and annual report are available on the company's website.
• Stockholders can vote by mail or in person, and proxies can be revoked before being voted.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The recommendation to vote for the director nominees suggests a positive outlook from the board.

Positives

• The Board is recommending qualified candidates for re-election as directors.
• The company provides multiple avenues for stockholders to access proxy materials and vote.
• The company has a well-defined process for stockholder communications with the Board.
• The Audit Committee has pre-approval policies and procedures in place for audit and non-audit services.

Risks

• If a quorum is not present at the meeting, the meeting may be adjourned.
• The persons named as proxies will vote in their sole discretion if any other business is properly brought before the Meeting other than the election of directors.

Future Outlook

The company anticipates holding its next annual meeting in May 2025 and provides deadlines for stockholder proposals.

Management Comments

• Thomas P. Majewski, Chief Executive Officer, cordially invites stockholders to attend the 2024 Annual Meeting.
• The Board believes that the current leadership structure is appropriate because it allows the Board to exercise informed judgment over matters under its purview, and it allocates areas of responsibility among committees or working groups of Directors and the full Board in a manner that enhances effective oversight.
• The Board also believes that having interested persons serve on the Board brings corporate and financial viewpoints that are, in the Boards view, crucial elements in its decision-making process.
• The Board believes that Mr. Majewski, Managing Partner of the Adviser, provides the Board with the Advisers perspective in managing and sponsoring us.

Industry Context

As a registered investment company, Eagle Point Credit Company is subject to various risks, including investment, financial, compliance, and operational risks, which are overseen by the Board and managed by the Adviser and Administrator.

Comparison to Industry Standards

• The document does not contain specific comparisons to industry standards.
• However, it does mention that the Independent Directors meet the independence requirements of Rule 10A-3 of the Securities Exchange Act of 1934 and the New York Stock Exchange listing rules, which are standard benchmarks for corporate governance.

Related Party Transactions

• The Company has an investment advisory agreement with Eagle Point Credit Management LLC, where the Adviser manages the Company's investments and receives a base management fee and incentive fee.
• The Company has an administration agreement with Eagle Point Administration LLC, where the Administrator furnishes office facilities, equipment, and clerical, bookkeeping, and record-keeping services and is reimbursed for its overhead and expenses.

Stakeholder Impact

• Shareholders are asked to vote on the election of directors, which will influence the company's governance and strategic direction.
• The election of directors and the approval of related matters can impact the company's performance and, consequently, shareholder value.

Next Steps

• Stockholders should review the proxy materials and vote on the election of directors.
• The company will hold its Annual Meeting on May 15, 2024.
• The company will prepare for its next annual meeting in May 2025.

Key Dates

Keywords

Annual Meeting, Proxy Statement, Board of Directors, Stockholders, Election of Directors, Eagle Point Credit Company, Directors, Common Stock, Preferred Stock