A legal settlement reached by Omega Healthcare Investors Inc. (NYSE: OHI), if finalized, will change some of the real estate investment trust’s corporate governance policies and practices related to diversity, equity, inclusion and belonging, the company announced Monday.
Omega’s insurance company will also pay $850,000 in attorney fees and expenses, while a court hearing scheduled for June 24 will determine whether the settlement will be finalized.
Omega is the largest owner of skilled nursing facility real estate in the United States, and has a portfolio encompassing more than 860 properties in the U.S. and the United Kingdom and roughly 70 operators.
Terms of the settlement involve the creation of an environmental, social and governance steering committee and charter, along with the appointment of a new independent and diverse director to the Omega Board of Directors.
There will also be a new process for nominating new directors to the Board, and a new process for hiring senior leadership positions, according to a court document that Omega shared.
The Maryland-based REIT will be implementing a new diversity training program and reporting to public shareholders on Board skills and diversity as well.
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