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Proxy advisory firms recommend shareholders back Deckers' nominees
(Reuters) - Deckers Outdoor Corp said on Friday two major independent proxy advisory firms recommended shareholders vote for the footwear maker’s board nominees, giving it a leg up in its proxy fight with activist investor Marcato Capital.
The hedge fund, which owns 8.4 percent of Deckers, is looking to replace the company’s nine-member board at the annual meeting on Dec. 14.
Both Institutional Shareholder Services (ISS) and Glass Lewis said they see no case for shareholders to support a board overhaul.
ISS said replacing the entire board would be disruptive to stockholder value, while Glass Lewis noted the hedge fund “failed to establish a sufficient case for the extensive, majority board change”.
Marcato has been pushing the maker of UGG boots to sell off pieces of the company, buy back shares and overhaul executive compensation.
Deckers on Monday said it would appoint at least two independent directors by September 2018, but Marcato said the move was not enough.
Marcato was not immediately available to comment.
Reporting by Gayathree Ganesan in Bengaluru; Editing by Anil D'Silva
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