BOSTON, April 24 A prominent investor shareholder advisory firm recommended that Sotheby's investors should vote for two of the three board candidates suggested by activist investor Daniel Loeb.
Institutional Shareholder Services sent a report to clients early on Thursday morning that backs Loeb, an avid art collector who has been pushing the auction house to cut costs and become more competitive since last year. A copy was obtained by Reuters.
Loeb's $14.5 billion hedge fund, Third Point, is the biggest investor in Sotheby's, with a 9.6 percent stake. The investor started a proxy contest earlier this year, putting himself and two other people forward as directors. ISS recommended that shareholders vote for Loeb and Olivier Reza. (Reporting by Svea Herbst-Bayliss; Editing by Lisa Von Ahn)