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ISS
recommended Taubman shareholders vote for hedge fund Land and
Buildings Investment Management LLC's founder Jonathan Litt, and
fellow dissident board candidate, Charles Elson, a University of
Delaware finance professor and corporate governance expert.
ISS also recommended shareholders vote for company nominee
Buckley Marakovits, whose seat was uncontested at this year's
annual meeting.
Last month, Land and Buildings urged Taubman's shareholders to
elect its nominees, a move that came six months after the hedge
fund asked the company to explore strategic options, including a
sale or a spin-off of certain assets.
The hedge fund had argued Taubman should take steps to address
the substantial difference between the company's stock and its
net asset value, its "inferior operating performance", as well
as management's "disastrous capital allocation decisions".
The Stamford, Connecticut-based hedge fund owns about 1.2
percent of Taubman's shares, according to Thomson Reuters data.
Considering the breadth of the company's governance issues, it
makes sense to prioritize adding a governance perspective to the
board, ISS wrote in its analysis report.
(Reporting by Michael Flaherty in New York and Divya Grover in
Bengaluru; Editing by Chizu Nomiyama and Savio D'Souza)
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