Hess Board Picks Blast Hedge Fund’s Proxy Tactics

Law360, New York (May 6, 2013, 6:13 PM EDT) -- A handful of Hess Corp. director nominees on Monday ripped an activist hedge fund’s assertion that they will blindly support the company’s strategic plan, the same day the oil company ripped proxy adviser Institutional Shareholder Services Inc. for routinely backing dissident shareholders in boardroom battles.

In an investor letter, Hess' five proposed board members took aim at hedge fund Elliott Management Corp., the activist hedge fund that has locked horns with the New York company since it announced its 4.5 percent stake in January.

The quintet...
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