Jerry Stoeckigt 0

Motion to End Proxy Voting at the Ocean East Resort, Ormond Beach FL

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This petition is asking the Current Ocean East Board of Directors to create a motion at the November Board meeting to amend the by-laws to eliminate the proxy vote from all Ocean East elections and votes. This would include as proxy any votes from unit weeks owned by a company holding more than 2 unit weeks or the resort itself. To record the motion in the November board meeting minutes, record the discussion and then the vote (per board member) and posting the minutes within 5 days of the meeting.

When signing this petition, please include your unit and week after your name. Example: Mary Smith 2005/51 - Thank you.

Background Information

Ocean East Resort in Ormond Beach Florida is a timeshare resort that is owned by the owners of the condo weeks, not a hospitality real estate company or a REIT and as a result has a pride of ownership among it owners. Some of the owners have been going there for over 30 years, something rare in the timeshare arena.

This unique ownership structure allows Ocean East to be guided by a board of directors (which must be owners) elected by the owners. The premise is sound and deserving of being the over-site of the resort. Unfortunately proxy voting has diluted this process.

What is proxy voting? When you have the opportunity to vote, but you don't know the candidates and are uncomfortable voting for someone you don't know, you can allow someone to vote for you as your proxy. You do this believing that because they know the candidates or issue better than you, they will make a better decision than you would have.

Conflict of Interest

Currently the by-laws at Ocean East Resort allow for proxy voting and the proxy votes are distributed by the current board members. This is a clear conflict of interest as the board members deciding to whom your vote will be cast, are actually the ones needing your vote.

Please support this petition and the motion presented and eliminate and potential for a conflict of interest in the management of the Ocean East Resort.

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