Why Proxy Fights For CEO Seats Need Tougher Look From ISS
By Chelsea Naso (September 11, 2017, 5:12 PM EDT) -- Proxy advisory firm Institutional Shareholder Services Inc.'s lack of a framework for analyzing noncontrol proxy fights that target a chief executive can lend too much support to a contest that goes after the company's CEO, Skadden Arps Slate Meagher & Flom LLP partner Richard Grossman told Law360 in a recent interview.
ISS, a well-known proxy advisory firm that holds a fair amount of sway among institutional investors, does not have a formal process for evaluating proxy fights that look to remove the CEO when only targeting a minority position on the board, Grossman explained. He wrote about the issue earlier this summer...
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