Strategic Hotels & Resorts adjourns annual meeting due to proxy alert

By Lisa Kerner

Charlotte, N.C., May 21 - Strategic Hotels & Resorts, Inc. adjourned its annual meeting of shareholders until June 5 in light of a proxy alert issued by RiskMetrics Group/ISS, the company announced on Thursday.

On May 20, RiskMetrics issued an alert stating that it is not highlighting any significant concerns about the adoption of Strategic Hotels' shareholder rights plan.

RiskMetrics had originally recommended that Strategic Hotels shareholders withhold votes from all directors because the company did not submit its rights plan to a shareholder vote, Strategic Hotels said.

The proxy advisory firm, in issuing the alert, took into consideration the initial term of the rights plan, Strategic Hotels' governance structure and practices, and the board's rationale in adopting the plan, according to a Strategic Hotels news release.

Strategic Hotels, a Chicago-based real estate investment trust, previously announced it would appoint up to three new independent directors to sit on its board.

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