BOSTON (Reuters) – Proxy advisory corporations Glass Lewis and Institutional Shareholders Solutions urged traders in healthcare serious estate trust Ventas Inc to back again management’s director candidates and reject activist investment agency Land & Buildings’ hard work to acquire a person board seat.
Land & Buildings’ founder Jonathan Litt nominated himself as a director prospect, arguing that inadequate trader communications, money allocation issues and a absence of board oversight led to important underperformance at the enterprise.
The investment agency owns a .2% stake in Ventas which is valued at $24 billion.
The proxy advisory corporations, whose recommendations frequently guideline trader voting to settle boardroom battles, backed all 11 of Ventas’s candidates saying they do not consider Land & Buildings designed a compelling case to be part of the board.
Glass Lewis on Wednesday wrote that Land & Buildings’ worries about Ventas’s stock efficiency are valid but that its worries about capital allocation and governance “slide flat.”
The business has shifted its portfolio toward the most interesting parts of healthcare real estate and has refreshed its board with the “experience, expertise and standpoint” that it requires, the Glass Lewis report mentioned.
A consultant for Land & Structures declined to remark.
Buyers will vote on the subject on April 27 at Ventas’s once-a-year meeting.
(Reporting by Svea Herbst-Bayliss Editing by Stephen Coates)