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Business Wire 5-Dec-2022 3:50 PM
Highlights "Persistent Discount to NAV, Lack of a Robust Investor Communication Program, and Ongoing Governance Concerns" As Rationale for Board Change
Points Out Incumbent Nominee Michael Stein's "Shareholder-Unfriendly View of Governance" and Recommends Shareholders Instead Vote for Land & Buildings Nominee Jim Sullivan
Supports Land & Buildings' Call for Increased Independence on the Board Given "Remaining Influence" of Pre-Spin Leadership and "Potential Conflicts of Interest"
Land & Buildings Encourages Shareholders to Vote the BLUE Universal Proxy Card to Elect Both Its Highly Qualified and Experienced Nominees Michelle Applebaum and Jim Sullivan
Land & Buildings Investment Management, LLC (together with its affiliates, "Land & Buildings", "us" or "we"), a large shareholder of Apartment Investment and Management Company (NYSE:AIV) ("Aimco" or the "Company"), today announced that one of the leading proxy advisory firms, Institutional Shareholder Services Inc. ("ISS"), has recommended that shareholders vote for the election of Land & Buildings' highly qualified director candidate James ("Jim") P. Sullivan to the Company's Board of Directors (the "Board") at the 2022 Annual Meeting of Shareholders (the "Annual Meeting") scheduled to be held on December 16, 2022.
In its report, ISS highlights serious concerns around Aimco's performance, investor communications and conflicts of interest:1
ISS also takes issue with Aimco's troubling corporate governance practices and the lack of shareholder engagement:
ISS also comments on the Aimco Board's lack of independence and outsized influence of legacy directors, including incumbent nominee Michael Stein and founder and former CEO Terry Considine:
ISS confirms change is warranted on the Aimco Board and highlights the relevant experience and independent perspective of Land & Buildings' nominee Mr. Sullivan:
Land & Buildings Founder and Chief Investment Officer, Jonathan Litt stated: "We are pleased that ISS has recognized change is needed in the Aimco boardroom and shares our concerns with many aspects of the Company's poor track record. However, in light of a history of troubling corporate governance practices, underperformance against peers and disregard for shareholders, we believe that the best outcome would be the addition of two new independent and shareholder-aligned voices on the Board. If elected, our nominees, Michelle Applebaum and Jim Sullivan, would help establish the credibility and trust with stakeholders that has been sorely lacking at Aimco and assist the Company in fulfilling its full potential."
Land & Buildings strongly encourages shareholders to vote the BLUE universal proxy card TODAY for the election of both of its highly-qualified nominees Michelle Applebaum and Jim Sullivan.
1 Permission to quote ISS was neither sought nor obtained. Emphases added.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005793/en/