Rexford Industrial Realty Inc. is to amend its bylaws, subject to ratification from shareholders at a yet-to-be-scheduled annual meeting of stockholders.
Specifically, the board seeks to implement a majority vote standard, instead of the plurality vote standard, in uncontested director elections, according to a filing. The board recommends that shareholders vote for the amendment.
Currently, directors receiving the highest number of affirmative votes cast are elected whether or not the favorable votes constitute a majority of all votes cast and regardless of the shareholders that withhold their vote. The proposed amendment will mean that any incumbent director failing to earn a majority of the votes in an uncontested election shall tender his or her resignation to the board.