Companies’ responses to the global protests following the killing of George Floyd remain a heavily scrutinized and critical corporate governance topic that Corporate America is grappling with.
In an editorial, the
Financial Times
reminds us that diversity initiatives historically suffered from tokenism – a numbers game or just adding to the board. Diverse companies and proper systems of promotion come from the ground up, the FT writes.
In activism, Simon Property dropped its acquisition offer for Taubman Properties. For years, activist Jonathan Litt, through his Land and Buildings Fund, had pushed Taubman to put itself up for sale, launching several proxy fights against the company. Land and Buildings exited the stock in March after inking its deal with Simon.
Also this week, Mack-Cali reached an agreement with activist Bow Street and Commvault struck a deal with Starboard Value. In an otherwise quiet proxy season, Starboard and Bow Street pushed campaigns to a vote, both ultimately emerging victorious with new seats on the board
Stay safe and have a great weekend,
Michael
