Post Adviser Frowns on Proposal

Glass, Lewis & Co., an independent proxy advisory company, has recommended that shareholders of Post Properties vote against a proposal by John Williams, an ex-chief executive of Post, at the Post annual meeting May 27, according to the Atlanta-based real estate investment trust.Mr. Williams is proposing an amendment to company bylaws that would require shareholders to vote annually on director compensation, Post said. The multifamily REIT cited the Glass Lewis report as saying that "Mr. Williams is motivated here more by a desire to embarrass the board and Mr. Goddard than to improve the fate of shareholders." Mr. Williams had unsuccessfully launched a takeover battle for Post last year. Institutional Shareholder Services, another proxy adviser, also recommended recently that shareholders vote against Mr. Williams' proposal.