trending Market Intelligence /marketintelligence/en/news-insights/trending/YwDmynQhxW2G-n7YUQ7MUw2 content esgSubNav
In This List

Pebblebrook shareholder proposal seeks stockholder ability to amend bylaws

Blog

Post-webinar Q&A: Global Credit Risk Trends 2021 and Beyond

Blog

Shore Capital is Now Available in S&P Global’s Aftermarket Research Collection

Video

S&P Capital IQ Pro | Powered by Advanced Visualization

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Pebblebrook shareholder proposal seeks stockholder ability to amend bylaws

Pebblebrook HotelTrust disclosed a nonbinding shareholder proposal to allow shareholdersto amend the company's bylaws via a majority vote, including stockholder-initiatedamendments.

The proposal will be considered at the company's annual shareholdermeeting June 14.

UNITE HERE, which submitted the proposal, said the ability toamend bylaws is a basic shareholder right and an effective tool for ensuring boardaccountability.

Currently, Pebblebrook Hotel's board retains the exclusive rightto amend the company's bylaws, according to a proxy statement.

Pebblebrook Hotel opposes the proposal, saying that it does notbelieve it has the long-term best interests of its stockholders in mind. It alsoargued that the proposal is not meant to boost shareholder value, but that it onlyseeks to advance UNITE HERE's own special-interest efforts.

The company's board recommends that shareholders vote againstthe proposal at the annual meeting.

UNITE HERE claims to beneficially own 150 common shares, or about0.0002%, of the company's outstanding common stock.