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CommonWealth REIT (NYSE: CWH) today announced that one of its newly appointed Independent Trustees, Ronald Artinian, has been nominated as “Trustee of the Year” by Fund Industry Intelligence, a publication of Institutional Investor. In announcing this nomination, Fund Industry Intelligence cited Mr. Artinian’s work as Lead Independent Trustee of The Reserve Primary Fund, among his other accomplishments. The Reserve Primary Fund, a money market fund with approximately $62 billion of assets, experienced a decline in net asset value to less than $1.00 per share as a result of the financial crisis and the Lehman Brothers bankruptcy in 2008. Mr. Artinian was subsequently appointed Lead Independent Trustee of the fund, and during his time there, the Independent Trustees replaced the existing external manager with a new manager to liquidate the fund. The Primary Reserve Fund has successfully returned more than 99% of investors’ historical invested capital to date.
Commenting on the news of Mr. Artinian’s nomination as “Trustee of the Year,” Adam Portnoy, Managing Trustee and President of CWH, made the following statement:
“I speak for the entire CWH Board and management when I offer congratulations to Mr. Artinian on his nomination as ‘Trustee of the Year’ by Fund Industry Intelligence and Institutional Investor.”
“CWH has significantly enhanced its governance and it is proud that Mr. Artinian has recently joined the CWH Board as an Independent Trustee. The characteristics Mr. Artinian is being recognized for now are exactly the qualities the Nominating and Governance Committee identified in him when they invited him to join the CWH Board."
“We believe our shareholders will support the CWH Board's commitment to deliver the sort of independent thinking and shareholder focus Mr. Artinian is being recognized for, rather than the hostile takeover attempt by the Related Companies, with the assistance of Corvex, to take control of CWH for its own benefit.”