The Board has also established a PRO Advisory Committee comprised of seven members: (i) two officers of the Company appointed by the Board (the "Company Representatives"), (ii) one representative from each of the Company's three founding participating regional operators ("Founding PROs"), who will be appointed as described in the next paragraph, and (iii) two representatives from the Company's non-Founding PROs, who will be appointed as described in the next paragraph. The Company's Founding PROs are Guardian Storage Centers, LLC, Northwest Self Storage, and Optivest Properties, LLC.
Each Founding PRO will select one representative, in its sole and absolute discretion, to be appointed as a member of the PRO Advisory Committee for a one-year term, which may be renewed each year. With respect to the non-Founding PRO representatives, one time each year, each PRO that is not a Founding PRO may nominate one potential representative to fill the remaining two positions on the PRO Advisory Committee. After nominations are made, each Founding PRO and the Company Representatives will vote to decide which non-Founding PRO nominees to appoint to the PRO Advisory Committee for a one-year term. The nominees with the most votes will be appointed. In the event of a tie, the Company Representatives will decide which nominees to appoint.
The PRO Advisory Committee will review and recommend to the Board and/or the Investment Committee, as applicable, the annual operating and capital budgets and potential acquisitions and dispositions, and perform such other duties that the Board may delegate to the committee from time to time. In addition, the committee is responsible for the monitoring and reporting to management and the Board of matters pertaining to the performance of each PRO. Recommendations, reports, and approvals of acquisitions and dispositions by the PRO Advisory Committee will be adopted or decided by a majority vote of the committee members.