Governance

LXP strives to implement best governance practices, mindful of the concerns of its shareholders and of proxy advisory groups. 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

Transparency & Disclosure

Transparency to LXP’s stakeholders is essential.  LXP prides itself on providing its stakeholders with regular reports and detailed disclosures on its operational and financial health, and going forward, on its environmental, social, and governance efforts.  LXP was recognized for its communications to its shareholders when it received the 2019 NAREIT Bronze Investor CARE (Communications & Reporting Excellence) Award in the Small Cap Equity REIT Category.