Advertisement

Advisory firms split on Deckers' proxy contest vote

Advisory firms split on Deckers' proxy contest vote
From Reuters - December 1, 2017

(Reuters) - Two proxy advisory firms on Friday weighed in on one of the years most bitter proxy battles with one backing UGG boot maker Deckers management and the other giving partial support to activist hedge fund Marcato Capital Management.

Shareholders will decide on December 14 who should sit on the $2.4 billion companys board with Deckers asking them to reelect all directors and Marcato, which owns an 8.4 percent stake, seeking to throw out all 9 incumbent board members.

On Friday, advisory firm Glass Lewis recommended shareholders backmanagement nominees. Institutional Shareholder Services, another such firm, recommended withholding votes for three Deckers directors to make room for three dissident candidates to join the board.

Marcato has been pushing hard for change at Deckers, forecasting that its shares could more than double by 2020 if it sells off pieces of its footwear business, buys back shares and overhauls executive compensation.

The company this week said it would appoint at least two independent directors by September 2018, a promise Marcato called too little, too late.

Glass Lewis said Marcato deserved some credit for spurring recent changes at the company but ultimately found the current board had the right experience and skills to guide the company.

Advertisement

Continue reading at Reuters »