RiskMetrics: NRG holders should reject Exelon slate
NEW YORK, July 13 (Reuters) - Top proxy advisory firm RiskMetrics Group recommended NRG Energy Inc (NRG.N) shareholders vote against the slate of directors Exelon Corp (EXC.N) has put up for election, saying that the Exelon bid was not high enough to justify support.
As part of its hostile bid for NRG, Exelon has proposed to expand NRG's board to 19 seats from 14 and elect nine new directors into those seats. In a report obtained by Reuters on Monday, RiskMetrics said shareholders should vote against both the expansion of the board and the Exelon directors.
"We conclude that Exelon's current bid is not compelling enough to support splitting the board with nine dissident nominees," the report said.
Shareholders are set to vote on the proposals at NRG's annual meeting on July 21. (Reporting by Michael Erman; Editing by Richard Chang)
