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Apple Hospitality REIT shareholders to vote on board declassification proposal

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.