Independent Advisory Firm ISS Recommends Shareholders Vote FOR All Globecomm’s Proposals At The November 15th Shareholder Meeting
Globecomm Systems Inc. (NASDAQ: GCOM), a leading communications solutions provider, today announced that independent advisory firms Institutional Shareholder Services (ISS) and Egan Jones have recommended that Globecomm shareholders vote FOR all proposals at Globecomm’s November 15 th Annual Meeting and Glass Lewis recommended that Globecomm shareholders FOR seven of the eight director nominees and FOR all other proposals.
In recommending that shareholders vote FOR all proposals, ISS noted, “Based on review and evaluation of company disclosures and practices, ISS recommends support for all agenda items at this meeting.”
“We are pleased that all three independent proxy advisory firms support the amendment of the 2006 Stock Incentive Plan and the executive compensation plan, and that the three firms are supportive of the director nominees,” said Dave Hershberg, Globecomm’s Chairman and CEO.
Glass Lewis recommends voting FOR seven of the eight Board nominees, but recommends WITHHOLD on the chairman of the nominating and corporate governance committee, because the Company has neither appointed an independent chairman nor an independent lead or presiding director.In reviewing the executive compensation plan Glass Lewis stated: “Globecomm Systems' executive compensation received an A grade in our proprietary pay-for-performance model.” The Globecomm Board reiterates its recommendation that shareholders vote FOR all the proposals at the Company’s Annual Meeting of Stockholders on November 15, 2012. Stockholders of record of Globecomm as of September 21, 2012, can vote in person at the Annual Meeting or by proxy in one of the following three ways: 1. Vote by Mail: If you received your proxy materials by mail, you can vote by mail by completing, signing, dating and mailing the enclosed proxy card in the postage-paid envelope. 2. Vote by Telephone: Call the toll-free number 1-800-690-6903. You will need to provide the control number printed on your proxy card, and follow the instructions on your card and the voice prompts.
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