Taubman Centers Inc. shareholders voted at the company's June 1 annual shareholder meeting to elect all of the mall REIT's director nominees to the Taubman board of directors, preliminary voting results show.
In a news release, the company thanked shareholders for their support and promised to transition to annual elections for directors and to "accelerated Board refreshment" by the 2018 shareholder meeting. After a protracted proxy battle with activist shareholder Land & Buildings Investment Management LLC, Taubman on May 30 promised to de-stagger and annually elect its board — a move the activist deemed "too little too late" in a long history of mismanagement.
Land & Buildings, in a separate June 1 release, vowed to proceed with its legal complaint seeking declaratory and injunctive relief against Taubman, citing the Taubman family's undue influence as the principal reason why its director nominees, and not Land & Buildings', were elected.
"As long as the Taubman family's 30% voting interest persists, shareholder voices will never be truly heard," the firm said.
The independent proxy voting advisory firms Institutional Shareholder Services and Glass Lewis & Co. had recommended that shareholders vote for the Land & Buildings nominees, Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware, and Land & Buildings founder and Chief Investment Officer Jonathan Litt. The Taubman nominees for new three-year terms were the company's chairman, president and CEO, Robert Taubman, along with Cia Buckley Marakovits and Myron Ullman III.
The REIT will file the preliminary voting results on a Form 8-K with the SEC within four business days, Taubman said.