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Proxy adviser backs Global Self Storage's proposed charter changes

Independent proxy advisory firm Institutional Shareholder Services recommended that Global Self Storage stockholders vote in favor of the company's charter amendment proposals.

The proposed changes are meant to align the charter with the company's status as a real estate investment trust.

The proxy adviser, however, recommended against the company's proposal to increase its authorized common shares in the event the charter amendment proposals are not approved. It also recommended that an advisory vote on executive compensation be held once a year, instead of the company's proposal of every three years.

In response, Global Self Storage noted that the proposed authorized common share increase is crucial for the company's future growth and that having a say-on-pay vote after three years will give it more time to engage shareholders to understand and respond to the 2017 results.

The charter amendments, along with other proposals, are up for a vote at the company's annual meeting slated for Oct. 16.