CommonWealth REIT (NYSE: CWH) today announced that, beginning today, Friday, February 21, 2014, through Monday, March 24, 2014, shareholders who have owned a minimum of $2,000 worth of common shares for at least one year may make Trustee nominations and shareholder proposals for consideration at CWH’s annual shareholders’ meeting on June 13, 2014.
In 2013, CWH’s Board adopted meaningful changes to CWH’s governance in response to suggestions from shareholders, including simplifying the path for shareholder actions at annual shareholders’ meetings. Among the matters to be considered at the 2014 annual shareholders’ meeting will be Board proposals to amend CWH’s Declaration of Trust to provide for: (i) annual election of all Trustees and (ii) a plurality voting standard in contested Trustee elections.
CWH also confirmed that the CWH Board’s Nominating and Governance Committee continues to work with the executive search firm Korn / Ferry International to identify additional Independent Trustee candidates for the Board. In addition to the two highly qualified Independent Trustees that were recently added to the CWH Board, the Board is committed to adding at least one more additional Independent Trustee and to designating a Lead Independent Trustee, with clear and robust responsibilities, by the time of the June 2014 annual shareholders’ meeting.
Adam Portnoy, President and Managing Trustee of CWH, made the following statement regarding today’s announcement:
“During the last year, and after meeting with a large number of shareholders, the Board implemented many meaningful changes to CWH’s governance, including some changes that require shareholder approval at this year’s annual meeting. Shareholders have a clear path to effect any desired change at CWH through customary channels and without the disruptive and potentially value destructive impact of the hostile takeover advocated by Related/Corvex. We encourage all shareholders to participate in the June 2014 annual meeting.”
CommonWealth REIT is a real estate investment trust that primarily owns office properties located throughout the United States. CWH is headquartered in Newton, MA.