(Reuters) – Activist investor Land & Buildings raised concerns about American Homes 4 Rent’s failure to adopt major eco-friendly policies and said it was planning to vote against the re-election of the board’s nominating and corporate governance committee members.
Land & Buildings, which is run by real estate investor Jonathan Litt, owns about 0.3% of American Homes, according to Refinitiv data.
“We believe the (Nominating and Corporate Governance)committee has failed to provide appropriate oversight in driving environmentally friendly policies in its new home development program,” Land & Buildings said.
American Homes 4 Rent did not immediately respond to a request for comment.
Land & Buildings said it had sent a letter to American Homes outlining concerns around its “failure to adopt any significant environmentally friendly home policies.”
Land & Buildings also said American Homes could adopt California’s Title 24 building energy efficiency standards throughout the United States to cut greenhouse gas emissions.
The investment firm said it would vote against re-election of American Homes trustees Douglas Benham, Matthew Hart, Winifred Webb and Jay Willoughby.
The move comes as U.S. corporations face an unprecedented wave of shareholder resolutions focused on ESG themes for 2022, as activists look to build on favorable regulatory changes and more executives seem willing to make deals.
(Reporting by Nathan Gomes in Bengaluru; Editing by Anil D’Silva)
