Summary
This 8-K filing from Public Storage (PSA) on March 1, 2018, details an amendment to its Bylaws approved by the Board of Trustees on February 27, 2018. The primary change introduces a proxy access provision, allowing qualifying shareholders to nominate trustees for inclusion in the company's proxy materials. This move aims to enhance shareholder engagement and potentially provide a more direct avenue for shareholder representation on the Board.
Key Highlights
- 1Public Storage has amended its Bylaws to implement a proxy access provision.
- 2Qualifying shareholders (or a group of up to 20) holding at least 3% of outstanding common shares for at least three years can nominate trustees.
- 3Shareholders can nominate up to the greater of two trustees or 20% of the Board size.
- 4Nominees and shareholders must meet specific requirements outlined in the Bylaws.
- 5The new proxy access provision will be effective for the 2019 annual meeting of shareholders.
- 6The amendment also includes other technical, conforming, and clarifying changes to the Bylaws.
Frequently Asked Questions
The main change is the adoption of a proxy access bylaw, which allows certain long-term, significant shareholders to nominate candidates for the Board of Trustees to be included in Public Storage's proxy materials.
A shareholder, or a group of no more than 20 shareholders, must have continuously owned at least 3% of Public Storage's outstanding common shares for at least three years to qualify for proxy access.
A qualifying shareholder or group can nominate up to the greater of two trustees or 20% of the number of trustees then serving on the Board.
The proxy access provision will be applicable for nominations starting with the 2019 annual meeting of shareholders.