Host Hotels & Resorts, Inc. Adopts Proxy Access Bylaw Amendment
November 22 2016 - 4:15PM
Host Hotels & Resorts, Inc. (NYSE:HST) today announced that its
board of directors has amended the Company’s bylaws to implement
“proxy access,” which enables eligible stockholders to have their
own director nominees included in the Company’s proxy materials.
“Our board proactively adopted these amendments as part of
its ongoing commitment to corporate governance best practices that
includes dialogue, transparency and responsiveness to stockholder
views,” said W. Edward Walter, President and Chief Executive
Officer.
Proxy access enables eligible long-term
stockholders to nominate their own director candidates in the
Company’s proxy statement. The bylaw amendment will allow holders
of at least 3% of the Company’s outstanding common shares, who have
held the shares continuously for at least three years, to submit
eligible director candidates up to the greater of two or 20% of the
board, provided that the stockholder(s) and the stockholder
nominee(s) satisfy the requirements in the bylaws. Up to 20
stockholders may aggregate their shares to reach the 3% ownership
threshold. Proxy access rights will first be available to
stockholders in connection with the Company’s 2017 annual
stockholders meeting. The Company’s amended bylaws will be filed
with the Securities and Exchange Commission on Form 8-K and posted
to the Governance section of the Company’s website.
About Host Hotels &
Resorts
Host Hotels & Resorts, Inc. is an
S&P 500 and Fortune 500 company and is the largest lodging real
estate investment trust and one of the largest owners of luxury and
upper-upscale hotels. The Company currently owns 89 properties
in the United States and 7 properties internationally totaling
approximately 54,000 rooms. The Company also holds non-controlling
interests in six joint ventures, including one in Europe that owns
10 hotels with approximately 3,900 rooms and one in Asia that has
interests in five hotels in India. Guided by a disciplined approach
to capital allocation and aggressive asset management, the Company
partners with premium brands such as Marriott®, Ritz-Carlton®,
Westin®, Sheraton®, W®, St. Regis®, Le Meridien®, The Luxury
Collection®, Hyatt®, Fairmont®, Hilton®, Swissôtel®, ibis®,
Pullman®, and Novotel® as well as independent brands in the
operation of properties in over 50 major markets worldwide. For
additional information, please visit the Company's website at
www.hosthotels.com.
*This press release contains registered
trademarks that are the exclusive property of their respective
owners. None of the owners of these trademarks has any
responsibility or liability for any information contained in this
press release.
Contact:
Gee Lingberg
Vice President
240.744.5275
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