SEIU Master Trust says Callen should resign; Board should declassify; independence of Strategic Alternatives Committee essential.
Washington, DC (Vocus/PRWeb) November 12, 2007 -- The SEIU Master Trust delivered a letter on Friday to the Board of Directors of Sunrise Senior Living, Inc. calling on the company to implement changes that shareholders approved at the October 16 annual meeting. More than 84% of shares present in person or by proxy at the meeting voted to declassify the Board, so it should take steps to implement declassification immediately. Likewise, 62% voted to withhold support for incumbent director Craig R. Callen, so he should resign immediately.
The Master Trust reiterated its request that the company replace the five longest-serving directors - Ronald V. Aprahamian, Craig R. Callen, Thomas J. Donohue, J. Douglas Holladay, and William G. Little - who have close personal and business ties to Sunrise management.
"There was no ambiguity in these votes, so there should be no hesitation from the company in response," said Stephen Abrecht, executive director of SEIU Master Trust. "After all the accounting and governance failures, shareholders have no confidence in this Board, so it must be changed. More immediately, the conflicted directors should not be serving on the non-management committee exploring strategic alternatives. Its independence is essential to protecting shareholders' interest in any potential transaction."
The complete letter is available on http://www.sunriseshareholders.org
The SEIU Master Trust, with total assets of more than $1.7 billion, is an active proponent of sound corporate governance as a vital means to protect and enhance shareholder value.
Contact:
Julie Eisenhardt
312-235-5933
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