This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

RiskMetrics Group, Inc. Supports Seymour Holtzman's Proposal To Declassify The Board Of Directors Of Lakeland Industries, Inc.

WILKES-BARRE, Pa., June 14 /PRNewswire/ -- At Lakeland Industries, Inc.'s ("Company") (Nasdaq: LAKE) annual meeting on June 16, 2010 in Ronkonkoma, NY, shareholders will vote on a proposal asking the Company to declassify its Board of Directors and thereby allowing shareholders to vote on all directors every year.  Basically, the proposal requests that the Board change the present staggered board policy that provides for one third of Directors to be elected each year and instead requires that all Directors be elected annually.   

The proposal was submitted by Seymour Holtzman ("Holtzman"), a shareholder activist, who is a large shareholder of Lakeland Industries.  Mr. Holtzman stated that he believes "shareholders should have the opportunity to vote on the performance of the entire board each year. I look forward to meeting shareholders at the annual meeting and further explaining why I believe the change to the Board of Directors is needed."

The proposal has been endorsed by RiskMetrics Group, Inc., one of the largest proxy voting services in the U.S., which recommends a FOR vote. RiskMetrics Group states in its report that, "The ability to elect directors is the single most important use of the shareholder franchise, and all directors should be accountable on an annual basis. A classified board can entrench management and effectively preclude most takeover bids or proxy contests. Board classification forces dissidents and would-be acquirers to negotiate with the incumbent board, which has the authority to decide on offers without a shareholder vote." Mr. Holtzman said, "I am delighted that RiskMetrics Group has supported our proposal."

If the majority of the shareholders vote to support declassifying the Company's Board of Directors, Mr. Holtzman sincerely hopes that the Board of Directors takes immediate action to declassify the Board of Directors so all directors will be subject to election at next year's Annual Meeting.    

SOURCE Seymour Holtzman

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
LAKE $8.67 0.00%
AAPL $123.39 -0.68%
FB $83.34 0.40%
GOOG $551.43 -0.67%
TSLA $183.96 -3.40%


DOW 17,698.77 +20.54 0.12%
S&P 500 2,057.46 +1.31 0.06%
NASDAQ 4,874.8370 +11.4750 0.24%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs