ISS recommendation now puts Saxberg seriously at riskIt looks like the 800# gorilla just entered the fight with their support of 2 of the Cation nominees. ISS has now made the Cation proposal a serious threat to Saxberg and significantly escalates his risk of replacement.
This is getting more interesting everyday and serves well for shareholders. Recommending Pinder and Howe, two of the four Cation nominees, has now high graded this battle and guarantees that there will be significant upheaval at CPG in the coming weeks.
For those of you who are not aware of ISS, I have provided a piece from Wikipedia below.
With Disney announcing the combination of the CEO and chairman positions on October 6, 2011, past the date of shareholder proposal deadline, and increase CEO/chair pay, ISS called for a no vote against the four Nominating and Governance Committee board members at the 2012 annual meeting.[4] ISS recommended to clients two candidates nominated by billionaire investor Carl Icahn to the drugmaker Forest Laboratories’ board of directors in a 2012 proxy contest.[5]
In 2013 ISS agreed to pay the SEC a fine of $300,000 and retain an independent compliance consultant to settle charges that it failed to safeguard the confidential proxy voting information of clients.[6] ISS was highlighted in a 2014 opinion piece in the New York Times by Cornell University law professor Lynn Stout as having an outsized power in the selection of CEOs of major corporations in the United States with ramifications for the U.S. economy.[7]
Ethix SRI Advisors was purchased by ISS in September 2015 to help ISS expand in Europe. Ethix was renamed with the acquisition to ISS-Ethix and would lead ISS's sustainable and responsible investment activities.[8] In March 2018, ISS also acquired the German ESG rating agency oekom research AG.[9]