CBL & Associates Properties Inc. announced Friday 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 Chattanooga shopping center company’s by-laws would allow shareholders who have owned at least 3 percent of its outstanding common stock continually for at least three consecutive years to have their own director nominees included in CBL’s proxy materials along with the candidates nominated by the board of directors.
“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,” said CBL Chairman Charles B. Lebovitz.