Summary
Equity Residential (EQR) announced on July 12, 2011, the appointment of Mary Kay Haben as a new Trustee to its Board. This appointment also resulted in an increase in the total number of Trustees from 10 to 11. Ms. Haben has also been appointed to serve on the Audit Committee, indicating a focus on financial oversight. The company has confirmed that Ms. Haben meets the independence requirements set by the New York Stock Exchange, which is a positive sign for corporate governance.
Key Highlights
- 1Appointment of Mary Kay Haben as a new Trustee on July 12, 2011.
- 2Board size increased from 10 to 11 Trustees.
- 3Ms. Haben appointed to the Audit Committee.
- 4Ms. Haben deemed independent by NYSE standards.
- 5Annual compensation for Ms. Haben includes $55,000 cash retainer and $87,500 in equity (options/restricted shares).
- 6Additional $7,000 annual cash retainer for Audit Committee service.
- 7Indemnification Agreement entered into with Ms. Haben, standard for trustees and officers.
Frequently Asked Questions
Mary Kay Haben has been appointed as a new Trustee to the Equity Residential Board. Her appointment is intended to bring additional expertise and oversight to the company's governance, particularly with her inclusion on the Audit Committee.
The appointment of Ms. Haben increases the size of the Board of Trustees from 10 to 11 members, allowing for broader perspectives and potentially more specialized expertise within the board structure.
Ms. Haben will receive an annual cash retainer of $55,000, an annual retainer of $87,500 in a combination of share options and restricted shares, and an additional $7,000 annual cash retainer for her service on the Audit Committee. These amounts will be prorated from her appointment date.
Yes, Equity Residential has determined that Ms. Haben is independent of the Company and its management within the meaning of the New York Stock Exchange listing standards.