(Reuters) – Matthews International said on Friday it strongly disagreed with proxy advisory firm Institutional Shareholder Services’ recommendation that shareholders elect all three of activist investor Barington Capital’s director nominees to the company’s board.
On Thursday, ISS argued the nominees, including Barington founder James Mitarotonda, would bring valuable perspective to the casket maker’s 11-member board. Barington owns a nearly 2% stake in Matthews.
Matthews, which also makes products for cemeteries, funeral homes and crematories, said that in giving its recommendation ISS did not consider the absence of relevant skills and new ideas among Barington’s nominees.
“ISS’ report does not address whether Barington’s plans for the Company would be better for shareholders than the Board’s current strategy,” Matthews said in a statement on Friday.
In December, activist investor Barington Capital Management nominated its founder and two other executives with public board experience as director candidates at the casket maker.
Shareholders will elect directors on February 20 unless the two sides reach an agreement beforehand.
(Reporting by Anusha Shah and Gursimran Kaur in Bengaluru; Editing by Chris Reese)
