8-KLeadership Changes

EQUITY RESIDENTIAL 8-K Report, Executive Changes (Apr 8, 2011)

Filed April 8, 2011For Securities:EQR

Summary

This 8-K filing by Equity Residential (EQR) on April 8, 2011, announces a change in the composition of its Board of Trustees. The company has appointed Bradley A. Keywell as a new Trustee, increasing the board size from 9 to 10 members. Mr. Keywell has also been appointed to the Compensation Committee and has been deemed independent according to NYSE listing standards. Investors should note that Mr. Keywell's compensation will be consistent with that of other non-employee Trustees, as previously detailed in the company's 2010 Proxy Statement. An indemnification agreement has also been executed with Mr. Keywell, which is standard practice for the company's trustees and officers. These changes reflect ongoing governance adjustments within Equity Residential.

Key Highlights

  • 1Equity Residential appointed Bradley A. Keywell as a new Trustee on April 8, 2011.
  • 2The size of the Board of Trustees was increased from 9 to 10 members.
  • 3Mr. Keywell has been appointed to serve on the Compensation Committee.
  • 4The company has determined that Mr. Keywell is independent of the company and its management.
  • 5Mr. Keywell will receive compensation consistent with other non-employee Trustees.
  • 6An indemnification agreement has been entered into with Mr. Keywell, standard for company leadership.

Frequently Asked Questions

Bradley A. Keywell has been appointed as a new Trustee to Equity Residential's Board. His appointment increases the board size and includes his service on the Compensation Committee. He has been determined to be independent by the company, adhering to NYSE standards.

Mr. Keywell will receive the same compensation as other non-employee Trustees. Specific details of this compensation were outlined in Equity Residential's Proxy Statement filed on April 15, 2010.

Mr. Keywell being deemed 'independent' means he has no material relationship with Equity Residential, its management, or its auditors. This is a key governance principle, ensuring that the board can make objective decisions in the best interest of shareholders.

An Indemnification Agreement is a contract where the company agrees to protect its directors and officers from liabilities they might incur while performing their duties. The mention indicates that this is a standard agreement for Equity Residential's Trustees and officers, providing a layer of protection.