The board of diversified real estate investment trust Armada Hoffler Properties Inc. approved changes to its governing policies, specifically, to adopt a majority voting standard in an uncontested election of its directors and to allow its stockholders to amend the bylaws.
The enhancements now require a director nominee to receive majority of the votes cast in an uncontested election to sit on the board. A director nominee in a contested election will require plurality of the votes cast to be elected, as before.
Moreover, stockholders of the company were granted the right to amend the bylaws of the company in concurrence with the board and subject to certain conditions.
