ISS recommends Matthews International investors elect all 3 activist candidates
Adds details in paragraphs 3-4
By Svea Herbst-Bayliss
NEW YORK, Feb 6 (Reuters) - Proxy advisory firm Institutional Shareholder Services on Thursday recommended that Matthews International MATW.O shareholders elect all three of activist investor Barington Capital's director nominees to the company's board.
ISS argued the nominees, including Barington founder James Mitarotonda, would bring valuable perspective to the casket maker's 11-member board after current directors "failed to exercise effective oversight of management."
The firm, whose voting recommendations are widely followed by investors, praised the company for recent changes but noted that improvements, including the sale of SGK Brand Solutions, have only been made since Barington bought into the stock.
Barington owns a nearly 2% stake in Matthews, which has a market valuation of $912 million.
Shareholders will elect directors on February 20 unless the two sides reach an agreement beforehand.
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