GAMCO’s Proxy Voting Committee’s Preliminary Reflections on Upcoming 2020 Proxy Season
18 Novembre 2019 - 11:07PM
Business Wire
GAMCO Asset Management Inc. (“GAMCO”), an affiliate of GAMCO
Investors, Inc. (NYSE: GBL), on behalf of its investment advisory
clients, is evaluating actions intended to improve corporate
governance and board composition at several of its portfolio
companies. GAMCO’s Proxy Voting Committee (the “PVC”) highlights
actions it has taken and potential actions it may take with respect
to the upcoming 2020 Proxy Season:
- Cincinnati Bell Inc. (NYSE: CBB) – GAMCO is considering
director nominations as well as the submission of a proposal
requesting the spin-off or sale of Hawaiian Telcom Holdco.,
Inc.
- CIRCOR International, Inc. (NYSE: CIR) – GAMCO is
reviewing potential director nominees for election at the upcoming
annual meeting to help ensure that the best interests of the
shareholders are the primary consideration in all decision
making.
- The E.W. Scripps Company (NASDAQ: SSP) – GAMCO intends
to abstain from voting for the Class A directors up for election at
SSP’s 2020 annual meeting. Class A directors make up approximately
one-third of the board with the remaining directors elected by the
Signatories to the Scripps Family Agreement.
- National Fuel Gas Company (NYSE: NFG) – GAMCO intends to
withhold votes from certain long-tenured directors while supporting
recent additions to the board.
- Lazard Ltd (NYSE: LAZ) – Last month, an affiliate of
GAMCO, submitted a shareholder proposal for consideration at the
2020 annual meeting requesting the declassification of the Board of
Directors.
- Superior Industries International, Inc. (NYSE: SUP) –
GAMCO is considering director nominations to help ensure that the
best interests of the shareholders are the primary consideration in
all decision making.
This press release does not constitute a solicitation of a proxy
or a vote.
- CBS Corporation (NYSE: CBS) and Viacom Inc.
(NASDAQ: VIA) – GAMCO’s PVC reviewed the October 25, 2019, joint
consent solicitation statement/prospectus relating to the proposed
combination of CBS Corporation and Viacom Inc.
- The PVC is generally supportive of the economic underpinnings
of the merger. However, the PVC wanted to highlight an omission of
the merger agreement that is contrary to what we hold as best
practices in corporate governance.
- The PVC believes that National Amusements, Inc. (“NAI”) should
stipulate that it will deploy a tag-along take-along right to
voting shareholders for any sale of NAI’s controlling interest in
ViacomCBS.
GAMCO Investors, Inc., through its subsidiaries, manages assets
of private advisory accounts (GAMCO Asset Management Inc.) and
mutual funds and closed-end funds (Gabelli Funds, LLC), and is
known for its Private Market Value with a Catalyst™ style of
investment. As of September 30, 2019, GAMCO Investors, Inc. had
$35.7 billion in assets under management.
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version on businesswire.com: https://www.businesswire.com/news/home/20191118005893/en/
Robert Leininger Chairman Proxy Voting Committee (914)
921-7754
George Maldonado Director of Proxy Voting Services (914)
921-7733
For further information please visit www.gabelli.com
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