Dennis Greenstein Quoted in The New York Times "A Co-op Superintendent Casts a Lot of Votes"

Dennis Greenstein was quoted in the real estate Q&A column of The New York Times on Sunday, June 1, 2008. The letter writer wanted to know if a conflict of interest existed for a co-op’s superintendent who voted his proxies for the board that hired him. The superintendent owns shares in the co-op and occupies a unit and is an employee of the property manger hired by the board.

Dennis answered, “A superintendent is permitted to obtain proxy and vote them as he wishes, as long as the proxy is not a ‘directed proxy.’” He stated, “If the superintendent is acting surreptitiously at the request of the directors in order that they perpetuate their election to the board year after year, ethical issues would be raised.… And there could possibly be a breach of the directors’ fiduciary obligations owed to shareholders.”