CommonWealth Says Zell Has Conflict Over Board Nomination
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CommonWealth REIT said billionaire Sam Zell, who has been nominated by dissident investors to join its board, has a conflict of interest that puts him at odds with the company’s shareholders.
Zell is a lead investor in Par Petroleum Corp., one of the largest tenants of Select Income REIT, a company 44 percent owned by CommonWealth, the Newton, Massachusetts-based U.S. office landlord said in a statement today. If elected to the board, Zell, part of a slate picked by Corvex Management LP and Related Cos., may use his position to further other business interests ahead of CommonWealth’s, the company said.