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Proxy adviser Glass Lewis recommends removal of CoreLogic chairman

Written by Jasir Jawaid

Proxy advisory firm Glass Lewis & Co. LLC is backing four of the nine board members nominated by Senator Investment Group LP and Cannae Holdings Inc. to CoreLogic Inc.'s board, echoing fellow proxy adviser Institutional Shareholder Services' recommendation, which backed three nominees.

The proxy adviser joined ISS in recommending the removal of J. David Chatham, David Walker and Thomas O'Brien, the longest-tenured CoreLogic directors. Additionally, Glass Lewis recommended that CoreLogic shareholders elect W. Steve Albrecht, Wendy Lane, Ryan McKendrick and Henry Winship to the company's board.

While ISS said shareholders may seek to remove CoreLogic Chairman Paul Folino for "added reassurance," Glass Lewis has recommended an outright removal of Folino.

CoreLogic said Glass Lewis had reached the wrong conclusion in supporting the activist shareholders' nominees. "It appears that Glass Lewis has largely adopted Senator/Cannae's half truths and mischaracterizations, instead of basing its analysis on the relevant, incontrovertible facts," the company said in a statement.

The special meeting of CoreLogic shareholders is scheduled for Nov. 17.

CoreLogic has rejected two takeover offers from Senator and Cannae, with the most recent rejection coming in September. CoreLogic is considering two different takeover proposals and Senator and Cannae have urge the company to "arrive at a signed deal with the highest bidder."

This article was published by S&P Global Market Intelligence on the S&P Capital IQ Pro platform.


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