Governance
Transparency to our stakeholders is essential. We pride ourselves on providing our stakeholders with regular reports and detailed disclosures on our operational and financial health and ESG efforts.
Objectives
- Strive to implement best governance practices, mindful of the concerns of our shareholders
- This includes Code of Business Conduct, enterprise risk assessments, whistle blower policy, and management succession planning
- Increase our ESG transparency and disclosure through reporting to frameworks, such as GRESB, and providing regular ESG updates to shareholders and other stakeholders
- Monitor compliance with applicable benchmarking and disclosure legislation including utility data reporting, audit and retro-commissioning requirements and
GHG emission laws - Evaluate physical and transition climate-change risks as part of our new acquisition due diligence process
- Evaluate various industry groups that promote our alignment with recognized industry ESG frameworks
Additionally, the following governance practices have been implemented:
- Code of Business Conduct and Ethics, containing a whistleblower policy
- Annual enterprise risk assessment
- Independent Audit, Compensation and Nominating and Corporate Governance Committees
- Proxy access for shareholders
- Trustee retirement policy
- Management succession plan
- Annual Board, Committee and Trustee self-assessment
- Recently refreshed Board
- At least two-thirds independent Board
- Lead Independent Trustee
- Anti-Pledging/Hedging Policy
- Share ownership and share retention requirements
- Prohibition on cash buyouts of underwater options
- No tax gross-ups or single-trigger change-in-control severance arrangements
- Blank check preferred shares cannot be issued as a “takeover” defense
- Shareholders can act by written consent or electronic consent to the same extent shareholders can act at a meeting
- Shareholders holding at least 25% of Lexington’s outstanding common shares can call a special meeting of shareholders
- There is no exclusive venue or forum for shareholder litigation
- There is no fee shifting provision for unsuccessful shareholder litigants
- Shareholders have concurrent power to amend Lexington’s Bylaws