VIRGINIA BEACH, Va., March 05, 2018 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE:AHH) today announced that its Board of Directors unanimously approved and adopted the following corporate governance enhancements:
- Majority Voting Standard in Uncontested Director Elections – In an uncontested election, each director nominee is now required to receive a majority of the votes cast in order to be elected to the Board. For contested elections, directors will continue to be elected by a plurality of the votes cast.
- Stockholder Right to Amend the Bylaws – The Company’s stockholders will now have the concurrent right with the Board to amend the Bylaws, subject to certain conditions.
“Transparency and good governance are among the core principles of our company,” said Lou Haddad, President and Chief Executive Officer. “The Board will continue to review and enhance our governance policies to ensure transparency and accountability to our shareholders. It is important that we recognize the critical role our investors play in the election of directors and the right to amend the Bylaws.”
Additional details regarding these corporate governance enhancements were included in the Company’s Form 10-K for the year ended December 31, 2017, which the Company filed with the Securities and Exchange Commission on February 23, 2018.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. (NYSE:AHH) is a vertically-integrated, self-managed real estate investment trust (“REIT”) with nearly four decades of experience developing, building, acquiring and managing high-quality, institutional-grade office, retail and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in its stabilized portfolio. The Company has elected to be taxed as a REIT for U.S. federal income tax purposes.
Michael P. O’Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer and Treasurer
Phone: (757) 366-6684
Source:Armada Hoffler Properties, Inc.