Al Shams to Nominate Majority of Independent Directors for Braemar Hotels & Resorts

Al Shams Investments Limited, the largest shareholder in Braemar Hotels & Resorts, has indicated its intention to nominate a majority of independent directors to the company's board. Al Shams communicated this plan in a letter addressed to the company's shareholders. The announcement coincides with Braemar's notice of its annual meeting and a compressed nomination window, which Al Shams characterizes as concerning governance practices.

Braemar's annual meeting is scheduled to take place later this year. Al Shams has voiced concerns regarding the company's governance procedures, particularly the shortening of the nomination period, which it argues restricts shareholders' ability to propose candidates. The largest shareholder believes that appointing a majority of independent directors would enhance the company's governance and better represent shareholder interests.

Al Shams has been an active stakeholder in Braemar, previously expressing reservations about the company's strategy and management. According to Al Shams, the nomination of independent directors is essential for ensuring the company's long-term value creation and for improving independent oversight of strategic decisions. The letter suggests that the proposed directors possess expertise in the hotel and real estate sectors, as well as in board-level governance.

The upcoming Braemar annual meeting is a key event for shareholders to influence the company's future direction. Al Shams aims to garner significant shareholder support for its proposal to install a majority of independent directors on the board.