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Land & Buildings to call special meeting of Taubman shareholders

Land & Buildings Investment Management LLC plans on calling a special meeting of shareholders of Taubman Centers Inc. to demand "the board of directors enact its promised and much-needed governance enhancements."

In a letter addressed to the shareholders of Taubman Centers, the company said it was "imperative" that the board of Taubman put into effect the promised enhancements immediately and that it would be detrimental to the shareholders if the actions were delayed.

The company is also proposing advisory votes on three issues, including immediate declassification of the board, having directors elected in 2017 stand for re-election in 2018, and the replacement of three incumbent directors with three new independent directors by the 2018 annual meeting.

Taubman and Land & Buildings were caught up in a prolonged proxy battle over nominees to Taubman's board, which ended up in the election of all of Taubman's nominees.