PRS REIT has announced that chairman Steve Smith will step down at its forthcoming AGM, with Robert Naylor and Chris Mills joining the board.
Following the announcement, the requisition notice has been withdrawn.
The following changes have been agreed by the board:
- Steve Smith has offered and will step down at the AGM (due in early December) to facilitate a near-term resolution;
- Geeta Nanda, senior independent director, will become interim chair at the AGM and lead the appointment process for a new permanent, independent, non-executive chair (the process for which will start immediately); and
- Robert Naylor and Chris Mills will be appointed to the board as non-executive directors after the announcement of full year results on or around 8 October and proposed for election at the company’s forthcoming AGM.
Steffan Francis will remain as a non-executive director, ensuring continuity of property experience. The succession plan for Steffan Francis and Rod MacRae, currently scheduled for 2025 with their tenure coming up to nine years of service, will be conducted in accordance with the AIC Code of Corporate Governance.
The board said that it intends to review the company’s strategy with the newly constituted board and provide an update when appropriate.
