Land & Buildings Investment Management LLC said proxy advisory firm Glass Lewis & Co. is recommending that Taubman Centers Inc. shareholders vote in favor of its two proposals at the trust's forthcoming annual meeting May 31.
The activist shareholder is pushing for the election of its founder and Chief Investment Officer Jonathan Litt to the company's board and for the elimination of the company's dual-class voting share structure.
The motions earlier gained support from proxy adviser Institutional Shareholder Services Inc., which is also advocating proposals to reduce Taubman's supermajority voting standard to a majority voting standard, the shareholder said in a release.
Land & Buildings said Glass Lewis noted in its report that common shareholders would be "better served" and represented on the board by electing an outside director nominee.
Glass Lewis also sided with the elimination of the dual-class voting share structure, saying that "a structure allowing one vote per share generally operates as a safeguard for common shareholders."
