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Taubman Centers to transition to annual elections for directors

Taubman Centers Inc. plans to transition to annual elections for directors after a "convincing case" from shareholders, lead director Myron Ullman III said in a release.

The transition is expected to take place before the company's 2018 annual meeting.

Taubman Centers recently faced criticism from independent proxy voting advisory firms Institutional Shareholder Services and Glass Lewis & Co. for its governance practices, and the two firms recommended that shareholders vote in favor of activist Land & Buildings Investment Management LLC's two director nominees at the company's forthcoming 2017 annual meeting.

The nominees are Charles Elson and Land & Buildings founder and Chief Investment Officer Jonathan Litt. Taubman called on its shareholders to reject the recommendations.

Litt said the move "is too little too late" as voting results for the director nominations are scheduled to be announced June 1, The Wall Street Journal reported.