“Glass Lewis believes that five directors are almost always a minimum for an effective and properly functioning board in order to ensure that proper oversight role and to ensure that there is a sufficient diversity of views and breadth of experience in every decision the board makes. As such we expect companies that have fewer board directors to disclose a cogent explanation of how they reliably span the requisite skill sets and experience. Taking into consideration the explanation from the Trust, we will not recommend against the re-election of a director on this basis if the removal of that director would reduce the number of directors below the current board size,” Glass Lewis says.
Proxy advisor Glass Lewis' report on Sabana Industrial REIT makes for interesting reading. In summary, Glass Lewis is recommending that fund managers and institutional unitholders vote for all the resolutions put forward during the AGM to be held on April 25.
First off, Glass Lewis says to vote for the financial statement and auditor’s fees. Secondly, Glass Lewis also recommends unitholders vote for the resolution to appoint Mrs Elaine Lee as an independent director.
