CBL & Associates Properties, Inc. Friday announced that it intends to adopt a proxy access by-law amendment in response to the advisory vote at its annual meeting earlier this year.
The amendment to the company’s by-laws would allow shareholders that have owned at least 3 percent of the company’s outstanding common stock continually for at least three consecutive years to have their own director nominees, representing up to 25 percent of the Board seats, included in the company’s proxy materials, along with the candidates nominated by the company’s Board of Directors. Additional details of the amendment will be announced when final terms have been approved by the Board.
“We believe it is important to have strong corporate governance practices that promote our goal of creating value for our shareholders,” said Charles B. Lebovitz, chairman of the Board. “Earlier this year, our shareholders supported an advisory proposal requesting proxy access. The Board values this feedback and is pleased to demonstrate its responsiveness to shareholders by announcing its intention to adopt such an amendment.”
CBL’s Board of Directors is committed to maintaining a strong alignment with the company’s investors by continually evaluating its corporate governance policies and responding to shareholder feedback, said officials. CBL’s Board of Directors has implemented a number of industry-leading practices, including declassifying the Board, adopting a director resignation policy and implementing an executive compensation program that relies heavily on performance criteria and objective measures.