On December 16, 2022, shareholders of Apartment Investment and
Management Company (the "Company" or "Aimco")
cast their vote in the first proxy contest under the SEC's new
universal proxy rules. The activist shareholder, Land &
Buildings Investment Management (the "Activist" or
"L&B"), nominated two directors for election to the
Company's Board. One of the Activist's nominees was elected
to the Board while its other nominee was not elected to the Board.
We discuss three key takeaways from the proxy contest below.
The Activist Obtained A Board Seat.
Consistent with predictions made by us and others that activist
shareholders would likely have an easier time obtaining at least
one Board seat in a proxy contest under the universal proxy rules,
the Activist did in fact obtain one Board seat. One very
interesting thing to note is that the Company nominee that lost the
election is 73 years old and served on the Board for 18 years. The
Activist's director nominee that
