ISS Urges Matthews International Shareholders to Support Barington Capital's Director Nominees Amidst Performance Concerns
In a recent announcement, Institutional Shareholder Services Inc. (ISS), a prominent proxy advisory firm, has recommended that shareholders of Matthews International Corporation cast their votes for Barington Capital's nominees on the upcoming GOLD proxy card. This recommendation comes amidst significant concerns about Matthews' current board and its effectiveness in overseeing management.
Barington Capital Group, L.P., an activist investment firm that currently holds approximately 1.9% of Matthews International shares, has been vocal about the company’s long-standing underperformance. ISS has echoed these sentiments, critiquing the incumbent board for failing to adequately oversee management, stating that it has been 'treading water' and has not made the necessary strides toward improvement.
James Mitarotonda, the Chairman and CEO of Barington, articulated his support for ISS's observation that a change in direction is essential for Matthews International. He expressed optimism regarding the potential value that independent director nominees—Ana Amicarella, Chan Galbato, and himself—could bring to the board. The need for fresh perspectives is emphasized by ISS, who noted that the current board is not only dominated by longtime members but has also maintained a corporate governance structure that does not meet shareholder expectations.
The results of Matthews' annual meeting of shareholders are scheduled for February 20, 2025, and Barington is urging shareholders to take ISS's advice into account. The advisory firm has suggested that the board's lack of oversight has contributed to Matthews’ poor performance across various metrics, stating, 'The board’s track record provides every reason for skepticism.'
ISS specifically highlighted that improvements made by Matthews' board appeared to occur only after Barington's involvement. This observation further solidifies the case that Barington's nominees could offer the independence necessary to fulfill the oversight responsibilities that have been lacking.
'Our nominees are seasoned business leaders who are prepared to implement the changes needed at Matthews. They possess the independence required to challenge the status quo and drive the company toward enhanced shareholder value,' Mitarotonda stated.
As the shareholder meeting approaches, Barington is mobilizing its campaign to inform fellow investors about the importance of supporting the GOLD proxy card. They aim to assure Matthews’ shareholders that with the right board in place, improvements in corporate strategy, governance, and operational execution can be achieved.
Barington encourages all Matthews shareholders to review the proxy statement and additional materials provided on their website, emphasizing that the time for action is now. With support for Barington’s nominees appearing crucial—both for the future of Matthews International and its investors—they hope to see a significant turnout in favor of necessary change at the board level.
The call to action is clear: shareholders are urged to heed the advice from ISS and vote for all of Barington Capital’s nominees in the upcoming election, as failure to do so could mean continued stagnation for Matthews International Corporation.
Barington has pledged to actively seek improvements in shareholder value and openly invites discussions with other stakeholders to create an environment conducive to significant internal change. Only time will tell whether the shareholders will heed the advice of ISS and opt for new leadership that could guide Matthews back to a path of value creation.
Barington Capital Group, L.P., an activist investment firm that currently holds approximately 1.9% of Matthews International shares, has been vocal about the company’s long-standing underperformance. ISS has echoed these sentiments, critiquing the incumbent board for failing to adequately oversee management, stating that it has been 'treading water' and has not made the necessary strides toward improvement.
James Mitarotonda, the Chairman and CEO of Barington, articulated his support for ISS's observation that a change in direction is essential for Matthews International. He expressed optimism regarding the potential value that independent director nominees—Ana Amicarella, Chan Galbato, and himself—could bring to the board. The need for fresh perspectives is emphasized by ISS, who noted that the current board is not only dominated by longtime members but has also maintained a corporate governance structure that does not meet shareholder expectations.
The results of Matthews' annual meeting of shareholders are scheduled for February 20, 2025, and Barington is urging shareholders to take ISS's advice into account. The advisory firm has suggested that the board's lack of oversight has contributed to Matthews’ poor performance across various metrics, stating, 'The board’s track record provides every reason for skepticism.'
ISS specifically highlighted that improvements made by Matthews' board appeared to occur only after Barington's involvement. This observation further solidifies the case that Barington's nominees could offer the independence necessary to fulfill the oversight responsibilities that have been lacking.
'Our nominees are seasoned business leaders who are prepared to implement the changes needed at Matthews. They possess the independence required to challenge the status quo and drive the company toward enhanced shareholder value,' Mitarotonda stated.
As the shareholder meeting approaches, Barington is mobilizing its campaign to inform fellow investors about the importance of supporting the GOLD proxy card. They aim to assure Matthews’ shareholders that with the right board in place, improvements in corporate strategy, governance, and operational execution can be achieved.
Barington encourages all Matthews shareholders to review the proxy statement and additional materials provided on their website, emphasizing that the time for action is now. With support for Barington’s nominees appearing crucial—both for the future of Matthews International and its investors—they hope to see a significant turnout in favor of necessary change at the board level.
The call to action is clear: shareholders are urged to heed the advice from ISS and vote for all of Barington Capital’s nominees in the upcoming election, as failure to do so could mean continued stagnation for Matthews International Corporation.
Barington has pledged to actively seek improvements in shareholder value and openly invites discussions with other stakeholders to create an environment conducive to significant internal change. Only time will tell whether the shareholders will heed the advice of ISS and opt for new leadership that could guide Matthews back to a path of value creation.
Topics Financial Services & Investing）
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