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GEO Group urges shareholders to vote against proxy access proposal

Shareholders of prison-focused real estate investment trust GEO Group Inc. will vote on a proposal to adopt an amendment to its bylaws to provide for proxy access.

The proposal, submitted by shareholder Alex Friedmann, would allow stockholders that have beneficially owned 3% or more of the company's outstanding common stock for at least three years to submit nominees up to the greater of two directors or 25% of the board seats, provided that all procedural requirements are met.

The company is urging its shareholders to vote against the proposal at the April 24 annual meeting of shareholders.