Latest News
HomeHotels & LodgingStarwood Hotels` directors vote to declassify board

Starwood Hotels` directors vote to declassify board

On March 30, 2004, Starwood Hotels & Resorts Worldwide, Board of Directors voted…

On March 30, 2004, Starwood Hotels & Resorts Worldwide, Board of Directors voted unanimously to declassify its Board in favor of annual elections of all its Directors. As a result of this action, a Charter amendment to eliminate the Board`s classified structure will be put to a shareholder vote at the 2004 annual meeting. If approved, all directors would stand for election or re-election each year beginning at the Company`s 2005 annual meeting.



Last year, in a non-binding proposal a majority of Starwood`s shareholders voted in favor of de-staggering the Board. Starwood, already in the forefront of good corporate governance in the hotel industry with just one management Director and a comprehensive corporate governance policy, is the first of its major public c-corp competitors to adopt a declassified Board.



While our Board of Directors strongly believes that a staggered Board is the best way to ensure that shareholders receive full value during a hostile takeover bid or to protect the company from an effective change in control via the replacement of a majority of the Board without the payment of a premium to shareholders, it became clear that our shareholders are passionate about this issue so we elected to respond, said Barry S. Sternlicht, Starwood`s Chairman and CEO.

12/07/2024
11/07/2024
10/07/2024
09/07/2024
08/07/2024