You can now read 10 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe

Business

Mass. Movers

REIT faces new vote on ouster of board

CommonWealth is based in Newton.

istockphoto.com

CommonWealth is based in Newton.

Continue reading below

An arbitration ruling in a fight between CommonWealth REIT and investors seeking to oust its board deemed the campaign invalid but said that a new vote can proceed. Corvex Management and Related Cos., which this year bought into the REIT, began a drive to remove trustees, alleging conflicts of interest and mismanagement. They claimed support from holders of over 70 percent of the shares. CommonWealth called the vote invalid. Arbitrators said it “was not properly conducted and cannot be validated” but a new effort to remove the board under the panel’s guidelines can proceed. Arbitrators found the REIT’s bylaws “erect a complex wall of procedural hurdles.”

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week