CommonWealth REIT, Under Pressure, Will Alter Governance

Law360, New York (September 23, 2013, 10:52 AM EDT) -- CommonWealth REIT on Monday announced a slew of changes meant to appease governance hounds as it defends itself against two activist hedge funds looking to unseat its board.

CommonWealth, a commercial real estate investment trust, said it will destagger its board, requiring all directors to be elected annually instead of every three years. It will also add new seats for independent directors, drop a poison pill and change the way it calculates a management fee paid to an external adviser owned by Barry and Adam Portnoy,...
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