Canadian shareholders rarely ruffle feathers over board member appointments. When it comes time to vote, they often do so overwhelmingly in favour of management’s nominees – so much so that it’s unusual to see someone get less than 80 per cent support.
Which is why the latest news out of Partners Real Estate Investment Trust is all the more surprising. After months of upheaval, the REIT sought shareholder support to nominate a new board of directors designed to steady the ship. At the vote last week, four appointees sailed through, garnering 97 to 98 per cent shareholder support, but one, Marc Charlebois, received only 46 per cent support.