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Paramount Group nominates director, to amend bylaws

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Paramount Group nominates director, to amend bylaws

The board of office real estate investment trust Paramount Group Inc. recommended its shareholders vote for the election of Colin Dyer as director at their upcoming annual meeting May 16.

Dyer is the chairman of the supervisory board of Unibail-Rodamco-Westfield. Prior to that, he was president and CEO of Jones Lang LaSalle Inc. and CEO of Worldwide Retail Exchange and Courtaulds Textiles.

The board will also seek shareholder approval to amend the company's charter for the addition of a foreign ownership limit in order to help the company qualify as a domestically controlled qualified investment entity.

The amendment will prohibit non-U.S. persons from directly or indirectly owning more than 49.8% of the shares of the company.