Sunrise shareholders show disapproval at meeting
Sunrise Senior Living Inc.'s recent shareholder meeting revealed stockholders' desire for more corporate governance.At the annual meeting, which was held earlier this month, shareholders approved a nonbinding resolution to elect the company's directors every year, rather than three per year. The company was against this resolution. Most shareholders also opposed the re-election of director Craig R. Callen, an Aetna executive who sits on the board's compensation and audit committees.
Sunrise, the largest assisted living company in the United States, has been under the microscope for accounting problems in recent months. The Securities & Exchange Commission is currently investigating the company for insider trading, the timing of stock options grants and its historical accounting practices. The company also has not yet filed its earnings report for 2006 or restated earnings for three years.