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Pebblebrook shareholder proposal seeks stockholder ability to amend bylaws

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Pebblebrook shareholder proposal seeks stockholder ability to amend bylaws

Pebblebrook HotelTrust disclosed a nonbinding shareholder proposal to allow shareholdersto amend the company's bylaws via a majority vote, including stockholder-initiatedamendments.

The proposal will be considered at the company's annual shareholdermeeting June 14.

UNITE HERE, which submitted the proposal, said the ability toamend bylaws is a basic shareholder right and an effective tool for ensuring boardaccountability.

Currently, Pebblebrook Hotel's board retains the exclusive rightto amend the company's bylaws, according to a proxy statement.

Pebblebrook Hotel opposes the proposal, saying that it does notbelieve it has the long-term best interests of its stockholders in mind. It alsoargued that the proposal is not meant to boost shareholder value, but that it onlyseeks to advance UNITE HERE's own special-interest efforts.

The company's board recommends that shareholders vote againstthe proposal at the annual meeting.

UNITE HERE claims to beneficially own 150 common shares, or about0.0002%, of the company's outstanding common stock.