In addition, based on the preliminary vote count and subject to the final certification of the voting results by the inspector of election, the Company today announced that, at the Annual Meeting, Whitestone shareholders did not approve, on a non-binding advisory basis, the Company’s executive compensation, approved the ratification of Pannell Kerr Forster of Texas, P.C. as the Company’s auditor and approved on a non-binding basis a resolution to de-classify the Board.
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“The Whitestone Board believes that a good corporate governance program is vital to creating and maintaining long-term shareholder value," stated Whitestone’s Chairman of the Board, James C. Mastandrea. "The recent initiatives to refresh our Board, modify our executive compensation program, and the proposal to declassify the Board reflect our commitment to corporate governance and responsiveness to our shareholders. We remain highly focused on executing our strategic plan and delivering on our financial objectives.”
The Board of Trustees voted unanimously to submit a proposal to the Company's shareholders to declassify the Board by amending its Declaration of Trust at its 2019 annual meeting of shareholders. Whitestone’s Board is currently classified into three classes, with each trustee elected for a three-year term. If shareholders approve the proposal, all trustees elected at or after the 2020 annual meeting of shareholders will serve one-year terms. The full text of the proposal will be included in the Company's proxy statement, which will be filed in advance of its 2019 annual meeting of shareholders and will require the approval of the holders of at least a majority of the outstanding Whitestone REIT common shares.
http://ir.whitestonereit.com/file.aspx? ... =396054684