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Proxy adviser Glass Lewis backs Sotheby's board candidates
April 24, 2014 / 8:31 PM / 4 years ago

Proxy adviser Glass Lewis backs Sotheby's board candidates

BOSTON, April 24 (Reuters) - Proxy adviser Glass Lewis on Thursday backed auction house Sotheby’s board nominees in a proxy fight with activist shareholder Daniel Loeb’s Third Point.

Glass Lewis said that Sotheby’s has been responsive to shareholder concerns: “In this case, we believe the Dissident has identified certain areas of concern, but ultimately has fallen short of making a compelling case that additional changes in the boardroom are warranted at this time beyond those already implemented by the Company.”

Earlier on Thursday, rival corporate governance adviser ISS recommended to vote for two of Loeb’s candidates. (Reporting by Svea Herbst-Bayliss; Editing by Meredith Mazzilli)

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