Proxy Firm ISS Reverses Board Director Election Recommendation

The world’s largest proxy adviser, Institutional Shareholder Services Inc., walked back its recommendation against an S&P 500 board director’s reelection after the company at issue further justified its decision to keep investors from voting on a shareholder proposal.

ISS now recommends “cautionary support” for the reelection of James Cain, Alexandria Real Estate Equities Inc.'s board governance chair, according to a May 8 revised report obtained by Bloomberg Law. The flip happened because the company provided more context on its rationale for excluding a shareholder proposal from annual meeting materials, ISS said.

The proxy firm’s earlier stance came after Alexandria Real ...