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Sunrise Misses NYSE Deadline for Filing 2006 Form 10-K
Date:3/18/2008

f the ways in which the Company managed itself to determine how existing corporate governance practices could be strengthened. That assessment led the Board to adopt unanimously structural changes and improvements to its processes which the Board believes will enhance its oversight functions. The Board has separated the positions of CEO and Board Chair and has elected Lynn Krominga, an independent director who joined the Board last fall, as non-executive Chair. Paul Klaassen will remain as CEO and a director. Among the other changes that have been made or will be made are:

-- Destaggering of Board terms;

-- Nominating two new, independent directors at the next shareholder

meeting to renew the membership of the Board;

-- Limiting director service on public company boards of directors;

-- Limiting membership on Board committees to a consecutive five year

period;

-- Developing a CEO succession plan;

-- Requiring annual director education and self-assessment;

-- Creating a Governance and Compliance Committee to monitor the Company's

compliance with applicable legal requirements, sound ethical standards

and best practices;

-- Improving certain processes for the Audit and Compensation Committees

to assist the Committees in discharging their responsibilities;

-- Enhancing internal processes to ensure that the Board and its

Committees receive, on a timely basis, accurate, candid and balanced

information from management about all material issues.

"The Board is disappointed that the filing deadline was not met. Our commitment to building long-term value for stockholders is absolute and unwavering, and we will continue to support the Company's efforts to complete the restatement as soon as possible," said Lynn Krominga, Sunrise's new Board chair. "Additionally, the Board has announced today significant corporate governance enhancements and
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SOURCE Sunrise Senior Living, Inc.
Copyright©2008 PR Newswire.
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