ELS Critic’s Shareholder Proposal Falls Short
Critics of Chicago business tycoon Sam Zell’s mobile home park business tried a new tactic in their campaign against the company at its annual meeting on May 8. It didn’t work, the Chicago Real Estate Daily reported.
Durham, N.C.-based Reinvestment Partners, an advocacy group and shareholder in Equity LifeStyle Properties Inc. (ELS), pushed a proposal at the meeting designed to shed light on the company’s political activities, including efforts to strike down rent-control ordinances on the West Coast. (Click here to read an earlier account in Woodall’s Campground Management based on an ELS news release and a filing with the Securities and Exchange Commission.)
But shareholders voted to reject the proposal, which called for the Chicago-based real estate investment trust to publish an annual report that would detail “direct, indirect and grassroots political contributions,” such as a $50,000 donation made in 2008 to support California Proposition 98, which sought to phase out rent control in the state.
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