CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today 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% of the Company’s outstanding common stock
continually for at least three consecutive years to have their own
director nominees, representing up to 25% 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. 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.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls
and shopping centers in the United States. CBL owns, holds interests in
or manages 148 properties, including 91 regional malls/open-air centers.
The properties are located in 30 states and total 84.8 million square
feet including 7.1 million square feet of non-owned shopping centers
managed for third parties. Headquartered in Chattanooga, TN, CBL has
regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St.
Louis, MO. Additional information can be found at cblproperties.com.
Forward-Looking Statements
Information included herein contains "forward-looking statements"
within the meaning of the federal securities laws.Such
statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy and some of which might not even
be anticipated.Future events and actual events, financial and
otherwise, may differ materially from the events and results discussed
in the forward-looking statements.The reader is directed to the
Company's various filings with the Securities and Exchange Commission,
including without limitation the Company's Annual Report on Form 10-K
and the "Management's Discussion and Analysis of Financial Condition and
Results of Operations" included therein, for a discussion of such risks
and uncertainties.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151113005057/en/
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior
Vice President - Investor Relations and Corporate Investments
katie.reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.