Online Resources, a provider of online financial services, has announced that independent proxy advisory firm Egan-Jones is recommending that shareholders re-elect three members of the
Online Resources, a provider of online financial services, has announced that independent proxy advisory firm Egan-Jones is recommending that shareholders re-elect three members of the Online Resources board at the company’s annual meeting on 6 May.
Egan-Jones joins Glass Lewis in recommending against the full slate of board nominees sponsored by hedge fund Tennenbaum Capital Partners.
‘We believe that the current slate of directors presented by the management is in the best interest of the company and its shareholders,’ says Egan-Jones. ‘We recommend voting the management’s white proxy card.’
Egan-Jones says it considered several factors put forward by the company in its proxy materials. Those factors include Tennenbaum’s conflict of interest with those of other common shareholders, the current board’s ability to best represent all shareholder interests and the company’s plan to increase shareholder value.
