Post Properties' Board of Directors Adopts Policy Regarding Election of Directors
06 Marzo 2006 - 11:15PM
Business Wire
Post Properties, Inc. (NYSE: PPS) announced today that its Board of
Directors has adopted a new policy relating to the election of
directors that will further strengthen the Company's corporate
governance structure. Under the new policy, a nominee for director
in an uncontested election who receives a greater number of
"withhold" votes than "for" votes will be required to tender his or
her resignation as a director to the Chairman of the Board for
consideration by the Board's Nominating and Corporate Governance
Committee, which will then recommend to the Board whether the
resignation should be accepted or rejected. In considering the
tendered resignation, the Nominating and Corporate Governance
Committee will evaluate factors such as the stated reasons
underlying the withhold votes, the qualifications of the director
and whether the resignation would be in the best interests of the
Company and its shareholders. The Committee will also consider a
range of possible alternatives concerning the resignation,
including acceptance of the resignation, rejection of the
resignation, or rejection of the resignation coupled with a
commitment to seek to redress the reasons underlying the withhold
votes. The policy requires that the Board take formal action on the
Committee's recommendation within 75 days of the shareholders'
meeting at which the vote occurred, and that the Company publicly
disclose the Board's decision, together with a full explanation of
the process by which the decision was made, in a Form 8-K filing
within four business days of such action. "The Board's adoption of
this policy demonstrates our continuing commitment to corporate
governance best practices, as well as our willingness to be
proactive in enhancing shareholder rights," said Robert C. Goddard
III, Post's Chairman. Post Properties, founded more than 30 years
ago, is one of the largest developers and operators of upscale
multifamily communities in the United States. The Company's mission
is delivering superior satisfaction and value to its residents,
associates, and investors, with a vision of being the first choice
in quality multifamily living. Operating as a real estate
investment trust (REIT), the Company focuses on developing and
managing Post(R) branded resort-style garden and high density urban
apartments. In addition, the Company develops high-quality
condominiums and converts existing apartments to for-sale
multifamily communities. Post Properties is headquartered in
Atlanta, Georgia, and has operations in 10 markets across the
country. Post Properties owns 21,750 apartment homes in 60
communities, including 545 apartment homes in two communities held
in unconsolidated entities and 205 apartment units in one community
currently under construction. The Company is also developing 145
for-sale condominium homes and is converting 597 apartment units in
four communities (including 121 units in one community held in an
unconsolidated entity) into for-sale condominium homes through a
taxable REIT subsidiary.
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