ISS Proxy Advisory Services Recommends Stockholders Vote For Wynnefield’s Nominees
The Wynnefield Group, the largest stockholder in Crown Crafts Inc. (NASDAQ: CRWS), today announced that leading independent proxy voting and corporate governance advisory firms ISS Proxy Advisory Services and PROXY Governance, Inc. have recommended that Crown Crafts stockholders vote Wynnefield’s GOLD proxy card in connection with the Company’s August 10, 2010 Annual Meeting of Stockholders.
ISS recommended that Crown Crafts stockholders vote on Wynnefield’s GOLD proxy card for both Wynnefield nominees – Jon C. Biro and Melvin L. Keating. ISS noted that “ both dissident nominees are seasoned executives that have a high degree of finance acumen and multiple public board experience” (emphasis added).
In determining that change is warranted at Crown Crafts, ISS wrote of the management-endorsed Board majority that, “ We have also noted a history of problematic compensation and governance practices which seem poorly aligned with the long-term interests of shareholders” (emphasis added).
In its recommendation for Wynnefield’s nominees, ISS pointed to several factors, including:
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