North European Oil Royalty Trust Files 2025 Proxy Statement

TL;DR

NEORT proxy filed, shareholders vote on directors & auditors soon.

AI Summary

North European Oil Royalty Trust filed its DEF 14A on January 14, 2025, for the fiscal year ending October 31, 2024. The filing pertains to the annual meeting of shareholders, where routine corporate matters such as the election of directors and ratification of independent auditors will be addressed. The trust, incorporated in New Hampshire, operates in the oil royalty trading sector.

Why It Matters

This filing provides shareholders with crucial information regarding the upcoming annual meeting, including details on director nominations and auditor appointments, enabling informed voting decisions.

Risk Assessment

Risk Level: low — This is a routine proxy filing for an established trust, with no immediate red flags or significant changes indicated.

Key Players & Entities

• NORTH EUROPEAN OIL ROYALTY TRUST (company) — Registrant
• 0001140361-25-000995 (filing_id) — Accession Number
• 20250114 (date) — Filing Date
• 20250226 (date) — Conformed Period of Report
• 1031 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $2.7 billion — a member of the executive team managing $2.7 billion in two closed-ends funds.  During
• $148,753 — irector’s total compensation was $148,753, which included his salary of $144,420
• $144,420 — $148,753, which included his salary of $144,420 and the Trust’s matching 3% cont
• $4,333 — st’s matching 3% contribution of $4,333 to his SIMPLE IRA.  For fiscal 202
• $149,010 — tor’s total compensation will be $149,010, which includes his salary of $144,670
• $144,670 — $149,010, which includes his salary of $144,670 and the Trust’s matching 3% cont
• $4,340 — st’s matching 3% contribution of $4,340 to his SIMPLE IRA. The Trust does not
• $141,085 — $ 0 $ 4,333 $148,753   2023 $141,085 $ 0 $ 4,233 $145,318 - 5 - Pay Ve
• $145,318 —   2023 $141,085 $ 0 $ 4,233 $145,318 - 5 - Pay Versus Performance The fo
• $100 —   Compensation Actually Fixed $100     Table Total  
• $71 — me 2024 $148,753 $148,753 n/a n/a $71 $5,057,813 2023 $145,318 $145,318
• $5,057,813 — 024 $148,753 $148,753 n/a n/a $71 $5,057,813 2023 $145,318 $145,318 n/a n/a $1
• $141 — 13 2023 $145,318 $145,318 n/a n/a $141 $21,173,515 2022 $140,166 $140,166
• $21,173,515 — 23 $145,318 $145,318 n/a n/a $141 $21,173,515 2022 $140,166 $140,166 n/a n/a $1
• $140,166 — 318 n/a n/a $141 $21,173,515 2022 $140,166 $140,166 n/a n/a $161 $17,088,446

Filing Documents

• ny20038821x1_def14a.htm (DEF 14A) — 137KB
• ny20038821x1_pc01.jpg (GRAPHIC) — 88KB
• ny20038821x1_pc02.jpg (GRAPHIC) — 64KB
• 0001140361-25-000995.txt ( ) — 348KB

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT   Unit Ownership of Trustees and Executive Officers   The following table sets forth the number of units beneficially owned as of October 31, 2024 by each Trustee and nominee for Trustee, the individual named in the summary compensation table set forth below under “Executive Compensation,” and all Trustees and executive officers as a group.   Name and Position of Beneficial Owner Number of Units Beneficially Owned Percentage Beneficially Owned (1) Nancy J. Floyd Prue, Managing Trustee 7,000   * Andrew S. Borodach, Trustee 0   * Ahron H. Haspel, Trustee 21,000   * Richard P. Howard, Trustee 250,000   2.7% Lawrence A. Kobrin, Trustee (2) 1,900   * John R. Van Kirk, Managing Director (3) 13,350   * All Trustees and executive officers as a group (6 persons) 293,250   3.2%   * Less than one percent   (1) Percentage computations are based upon all outstanding units. Percentage computations for each Trustee and the Managing Director include units deemed to be owned indirectly even when beneficial ownership has been disclaimed as set forth in note (2).   (2) Includes 500 units owned by Mr. Kobrin’s wife, in which units he disclaims beneficial interest.   (3) Mr. Van Kirk, 72, has been the Managing Director of the Trust since 1990.   Other Unit Ownership   The Trust is unaware of any individual or entity who beneficially owned more than 5% of the Trust’s outstanding units as of October 31, 2024. - 3 -

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION Compensation Discussion and Analysis   There is only one executive officer of the Trust, its Managing Director.  The Compensation Committee is responsible for recommending to the Trustees for approval all aspects of the compensation of the Managing Director. The Trust is a passive fixed investment trust which holds overriding royalty rights, receives income under those rights from certain operating companies, pays its expenses and distributes the remaining net funds to its unit owners.  The Trust does not engage in any business or extractive operations of any kind in the areas over which it holds royalty rights and is precluded from engaging in such activities by the Trust Agreement.  As a result, the Trust’s financial results are determined primarily by factors not within the control of its executive or the Trustees, including energy prices in Europe, currency exchange rates, and the operating companies’ production and sales levels.  Given the nature of the Trust and the inability of the Managing Director to affect royalty income, the Compensation Committee believes that the time required and the level of skill with which the Managing Director handles the administrative and financial affairs of the Trust, rather than the Trust’s financial results, are the significant factors in determining his compensation.  In setting the annual compensation of the Managing Director, the Compensation Committee considers the historic level of compensation paid to the Managing Director, the time required and the level of skill with which he handles the Trust’s administrative and financial affairs, and the outcome of advisory votes of the unit owners (including the voting results with regard to Proposal Two in this proxy statement) regarding the compensation of the Trust’s Managing Director.  In addition, in the case of the current Managing Director (who has served in this role since 1990

View Full Filing

View this DEF 14A filing on SEC EDGAR