#United States #New York #Matthews International #Barington Capital #shareholder activism

Barington Capital's Call to Action

Barington Capital Group, L.P., a prominent activist investor with a keen interest in enhancing corporate governance, has recently reached out to shareholders of Matthews International Corporation. With its stake at approximately 2.2% of the outstanding shares, Barington is adamant that the upcoming Annual Meeting of Shareholders represents a pivotal moment for the company. This meeting is viewed as a critical juncture where shareholders can exercise their influence to rejuvenate the boardroom.

Highlighting Governance Failures

In their communication, Barington highlighted the ongoing challenges faced by Matthews under the current board's oversight. They point out that the leadership has fostered an extended period of lackluster share performance, poor capital allocation, and a failure to adequately address corporate governance issues. Specifically, they contend that CEO Joseph C. Bartolacci has evaded accountability throughout his 18-year tenure, leading to significant destruction of shareholder value.

The activist investment firm is advocating for the election of three independent nominees—Ana Amicarella, Chan Galbato, and James Mitarotonda—who they argue possess the requisite experience and insights needed to revitalize Matthews and enhance shareholder trust. Barington emphasizes the necessity for board members who will prioritize shareholder interests and challenge existing practices that may not serve long-term value creation.

Support from Proxy Advisory Firms

Their campaign has gained traction, receiving unanimous support from three leading independent proxy advisory firms: Institutional Shareholder Services Inc. (ISS), Glass Lewis & Co., and Egan-Jones Proxy Services. All three firms have expressly recommended that shareholders vote in favor of Barington's nominees, citing the board’s existing deficiencies and the urgency for reform which they believe the proposed candidates embody.

• - ISS's Perspective: Highlighting the board's lack of independence, they support the need for the alternatives presented by Barington.
• - Glass Lewis's Insight: They feel the current circumstances do not best serve shareholders and recognize Barington's potential as an agent for positive change.
• - Egan-Jones's Recommendation: They believe the inclusion of Barington’s nominees could offer valuable insights and perspectives that could lead Matthews toward a more strategic path.

A Call for Unified Support

Barington has positioned this initiative as essential not just for improving governance but for restoring Matthews' credibility in the market. They urge shareholders to participate actively in the coming vote and reconsider the implications of their choices, especially given the recent board’s failings and last-minute maneuvers aimed at appeasing constituents.

Barington is resolute in their belief that a vote for their nominees is not merely a choice for new board members, but a decisive step towards safeguarding their investments and driving the company towards a more promising future. They implore shareholders to cast their votes as soon as possible, underscoring the urgency of this matter.

For details on Barington Capital’s campaign and additional resources on the nominees, stakeholders are encouraged to visit their dedicated webpage. This is an opportunity for shareholders to take a definitive stand in shaping the future direction of Matthews International Corporation.