NEWTON — Hospitality Properties Trust reappointed William Lamkin to its board after he was not reelected.
The Newton real estate investment trust said Thursday that when Lamkin did not get the necessary number of shares, he resigned. Hospitality Properties, though, said it determined Lamkin probably didn’t get enough votes because of the board’s opposition to a proposal by the California Public Employees’ Retirement System.
Directors said they determined his continued presence on the board would be in the trust’s best interests, and they asked him to fill the vacancy he had created by resigning. Lamkin accepted.
The announcement came a day after CommonWealth REIT, also of Newton, reappointed Joseph Morea as a board member after he didn’t receive a majority of the shares needed to be reelected.
Lawrence A. Hamermesh, a professor of corporate law at Widener Law, said there typically is nothing in bylaws that says a company must name someone new if a board member is not reelected.
Charles Elson, at the Weinberg Center for Corporate Governance at the University of Delaware, said many companies have taken advantage of that exception. But if such reappointments happen too often, he said, the exception may one day be eliminated.
Hospitality Properties owns 289 hotels and 185 travel centers in 44 states, Puerto Rico, and Canada.