Michael Herman, senior vice president and general counsel at Regency Centers Corp. (Nasdaq: REG), sat down for a video interview at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, March 24-26.
Herman described a period of rapid and overlapping change in corporate governance. He pointed to the “sheer volume” of shifts—from evolving SEC priorities to changing shareholder dynamics—as unprecedented.
A key disruption is the move from human to AI analysis of proxy statements, he said, which could fundamentally alter how companies communicate with investors. At the same time, the traditional influence of proxy advisors is declining, while major institutional investors are adopting new, more complex voting structures, leading to increased fragmentation and less predictability for companies.
Herman also noted that these shifts will affect REITs and all public companies, making it harder to satisfy stakeholder expectations. Despite potential regulatory changes—such as reduced reporting frequency—he said he believes REITs are unlikely to adopt them soon due to entrenched infrastructure like debt covenants and investor expectations for transparency.