BOSTON, Oct 25 (Reuters) - Proxy advisory firm ISS on Wednesday largely threw its weight behind Automatic Data Processing Inc, recommending that shareholders vote for management’s directors because activist investor William Ackman failed to make a case to replace three directors.
“The dissident made the case that additional shareholder oversight on the board would be beneficial,” ISS wrote. “However, the dissident case is not sufficiently compelling to justify replacing three directors who have presided over a period of strong long-term TSR (total share returns including dividends).”
ISS said shareholders should withhold voting for ADP director Eric Fast. (Reporting by Svea Herbst-Bayliss; Editing by Leslie Adler)