Corvex/Related demand immediate "real" governance changes

"After 28 years of carefully calculated efforts to take control of CommonWealth (CWH -0.5%) away from its shareholders [the Portnoys] have suddenly had an epiphany and realized the virtues of good corporate governance?"

"Will CommonWealth immediately eliminate the requirement in its bylaws that at least two trustees be at all times 'managing trustees,'" a requirement maybe forcing shareholders to elect a director associated with the Portnoy's RMR.

"Will you amend CommonWealth's governing documents to commit that if Mr. Barry Portnoy is not elected as a trustee at the 2014 shareholder meeting, CommonWealth will adhere to the view that shareholders should decide who represents them, not the Portnoys," they ask, reminding of 2013's fiasco where Joe Morea was immediately re-appointed to the board after receiving must 14% of the vote.

Full letter here

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Comments (1)
  • Chris DeMuth Jr.
    , contributor
    Comments (11754) | Send Message
    The Portnoys last minute, desperate flailing is what losing looks like.
    21 Jan 2014, 10:43 AM Reply Like
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