Matthews International disagrees with ISS recommendation on activist candidates

Matthews International

08/02/2025 24:49

Feb 7 (Reuters) - Matthews International  MATW.O  said
on Friday it strongly disagreed with proxy advisory firm
Institutional Shareholder Services' recommendation that
shareholders elect all three of activist investor Barington
Capital's director nominees to the company's board.
    On Thursday, ISS argued the nominees, including Barington
founder James Mitarotonda, would bring valuable perspective to
the casket maker's 11-member board. Barington owns a nearly 2%
stake in Matthews.
    Matthews, which also makes products for cemeteries, funeral
homes and crematories, said that in giving its recommendation
ISS did not consider the absence of relevant skills and new
ideas among Barington’s nominees.
    "ISS' report does not address whether Barington’s plans for
the Company would be better for shareholders than the Board’s
current strategy," Matthews said in a statement on Friday.
    In December, activist investor Barington Capital Management
nominated its founder and two other executives with public board
experience as director candidates at the casket maker.
    Shareholders will elect directors on February 20 unless the
two sides reach an agreement beforehand.

 (Reporting by Anusha Shah and Gursimran Kaur in Bengaluru;
Editing by Chris Reese)
 ((GursimranKaur.Mehar@thomsonreuters.com;))