Our Practices

Promoting effective risk oversight and management accountability through good corporate governance practices.

Spirit understands that good corporate governance practices help ensure that our directors, officers, and employees conduct business with fairness, integrity, and high ethical standards and that we deliver consistent and superior returns to our shareholders. Highlights of our sound governance principles and practices include:

Board & Committees

  • Nine (9) directors on our Board of Directors ("Board"): eight (8) are independent and three (3) are female
  • Independent Chairman of the Board
  • Wide range of age, tenure and backgrounds and commitment to diversity in recruitment including gender, age, tenure and experience
  • Directors elected annually by majority vote
  • Audit, Nominating, and Corporate Governance and Compensation Committees are made up of independent directors only 
  • Annual evaluation by the Board of each Board member’s independence (except the CEO) 
  • Regular executive sessions of the Board, including with management, internal and external audit, and without the presence of the CEO
  • Robust annual Board and Committee self-evaluations to ensure candid input from each independent director on the functioning of the Board collectively and each director individually
  • Independent compensation consultant assists the Compensation Committee to evaluate the compensation of our executive team 
  • Ongoing Board committee rotation
  • Board Investment Committee composed of a subset of independent board members which review and approve real estate transactions that meet certain thresholds

Policies & Governance

  • Disclosure Committee composed of members of management of the Company with established controls and procedures to ensure all required disclosures are timely and accurate
  • Whistleblower Policy and independent, 24-hour helpline for reporting illegal or improper conduct or ethical concerns anonymously. The Company has not received any whistleblower inquiries or reports through the hotline to date.
  • Corporate Governance Guidelines 
  • Insider Trading Policy and circulation of internal memorandums notifying the Board and employees of the opening and closing of each trading window 
  • Code of Business Ethics 
  • Social Responsibility and Environmental Sustainability Policy 
  • Management and our Board reviews and evaluates related party transactions 
  • Succession planning for the Board, Committees and executive management
  • Minimum Stock Ownership Policy for our Board of Directors and named executive officers 
  • Anti-hedging and derivative policies 
  • Investment Manual and Board Investment Approval Policy

Shareholder Rights & Engagement

  • Majority vote standard to amend/repeal Bylaw provisions, without subject matter restrictions  
  • No shareholder rights plan “poison pill” or other takeover defenses  
  • Annual vote on say on pay 
  • Majority vote for director elections
  • Majority standard for shareholder to call a special meeting
  • Robust and active shareholder engagement program
  • Shareholder proxy access
  • No dual class common stock