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BOSTON (Reuters) – Proxy advisory companies Glass Lewis and Institutional Shareholders Solutions urged buyers in healthcare serious estate believe in Ventas Inc to again management’s director candidates and reject activist financial commitment company Land & Buildings’ hard work to get just one board seat.
Land & Buildings’ founder Jonathan Litt nominated himself as a director candidate, arguing that weak trader communications, funds allocation troubles and a lack of board oversight led to major underperformance at the corporation.
The financial commitment business owns a .2% stake in Ventas which is valued at $24 billion.
The proxy advisory companies, whose tips often manual investor voting to settle boardroom battles, backed all 11 of Ventas’s candidates indicating they do not consider Land & Properties manufactured a powerful circumstance to join the board.
Glass Lewis on Wednesday wrote that Land & Buildings’ worries about Ventas’s stock effectiveness are legitimate but that its considerations about cash allocation and governance “slide flat.”
The corporation has shifted its portfolio toward the most attractive spots of healthcare genuine estate and has refreshed its board with the “practical experience, competencies and point of view” that it demands, the Glass Lewis report mentioned.
A agent for Land & Properties declined to remark.
Buyers will vote on the make a difference on April 27 at Ventas’s annual assembly.
(Reporting by Svea Herbst-Bayliss Modifying by Stephen Coates)
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