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Komfie Manalo, Opalesque Asia: Two major Arconic Inc. investors, Institutional Shareholder Services and Glass, Lewis & Co., have recommended their clients to use the using the "BLUE" proxy card at Arconic's 2017 Annual Meeting this May 25th. The call is a crucial boost to activist hedge fund Elliott Management Corporation's call for real change at Arconic.
ISS said in choosing the blue proxy card, "On balance … the evidence produced by [Elliott] appears to overwhelm the board's case, which is often based on less convincing assumptions. Perhaps nowhere is the board's selective representation of facts more apparent than in its repeated assertion that this contest boils down to an attempt by the dissident, only a 13 percent shareholder, to gain control of the company. Not only does this portrayal overlook the board's own low ownership (as a whole, including [Klaus] Kleinfeld) of less than 1 percent of the company's shares, but it also neglects the fact that several other shareholders have publicly expressed support for [Elliott's] case."
In a statement Elliott said that ISS and Glass Lewis, two of the world's most influential independent proxy advisory firms, both recommended in favor of voting using the BLUE proxy card at the upcoming annual meeting. The reports issued by each firm also contain powerful statements that additional change is warranted at Arconic.
Importantly, neither ISS nor Glass Lewis recommen...................... To view our full article Click here
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