Apple Hospitality REIT Inc. shareholders will vote on a proposal to declassify the company's board at its 2018 annual shareholder meeting, scheduled for May 17.
The declassification proposal would move the hotel real estate investment trust's directors to one-year terms, rather than a staggered system of three-year terms.
The company's board believes that classified board structures may reduce directors' accountability to company shareholders.
Apple Hospitality's board has recommended that shareholders vote in favor of the proposal.
