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.