- The Board of Directors and the shareholders approved an amendment to the Company’s charter requiring the annual elections of all Directors;
- The Company engaged a new management company to manage LPGA International;
- The Company hired a national brokerage company to assist it in selling some of its net leased properties;
- The Board strengthened director qualifications and the Company’s standards of corporate governance, business conduct, and ethics;
- The Board adopted stock ownership guidelines for directors and executive officers;
- The Company has frozen or eliminated executive and employee benefits including deferred compensation and the pension plan, among others; and,
- The Board of Directors adopted a resolution to reduce the size of the Board to nine directors for 2012, with a goal of having no more than seven directors by the 2014 annual meeting and no more than nine directors in 2012, which will be met as a result of the decision of two directors not to seek re-election to the Board at the 2012 annual meeting, and the retirement of William H. McMunn from the Board.
Consolidated-Tomoka Land Co. Reports Resolution With Wintergreen Advisers, LLC
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