STAMFORD, CT—Having advocated in recent months for change at Taubman Centers, Land and Buildings Investment Management is now taking its efforts a step further. The Stamford, CT-based firm has launched a proxy solicitation in advance of the mall REIT's upcoming annual meeting, seeking to install two of its own candidates on the Taubman board, including Jonathan Litt, Land & Buildings' founder and CIO. Litt filed a proxy statement Tuesday with the SEC ahead of a letter to Taubman shareholders that was made public on Wednesday.

Citing “complacent oversight and weak governance” on the part of Taubman's current board, the letter above Litt's signature urged shareholders to vote for Litt and Charles Elson. “Common shareholders have suffered under the leadership of chairman and CEO Bobby Taubman and the rest of the board through a troubling series of failures,” Litt wrote to shareholders. “It is time for accountability at Taubman.”

Litt and Elson would succeed Bobby Taubman and fellow director Myron Ullman on the Taubman Centers board under the scenario proposed by Land and Buildings. In his letter to shareholders, Litt notes that Land and Buildings has been been involved with the REIT since it went public in 1992.

A spokesperson for Taubman says the REIT's board and management team remain focused on “building on the company's 25-year history of outstanding shareholder value creation and working collaboratively with, and in the best interests of, all shareholders. We have with the input of our shareholders continued to build one of the most highly-qualified and experienced boards of directors in the industry for overseeing and driving value in the premier retail mall industry during these critical times.”

The Bloomfield Hills, MI-based Taubman soon will file and mail its definitive proxy statement, “and we look forward to continuing to meet with investors to discuss our portfolio management and capital allocation priorities, balanced approach to stewardship and governance, and our strategic plan to drive growth and shareholder value,” the spokesperson says. “We value our investors and appreciate their continued insights and support.”

Instant Insights /

Litt Launches Proxy Fight at Taubman

Related Stories

Recommended For You