Bombardier faces potential minority pushback at AGM
Bombardier is set to face pressure for greater transparency at its annual meeting later this month after an influential proxy advisory firm advised clients to vote against management of the Canadian manufacturer on a key resolution.
Institutional Shareholder Services, a well-regarded advisory firm that institutional investors often rely on for direction on shareholder votes, advised its clients in a report on Tuesday to support a shareholder proposal that would force the company to separately disclose voting results on all resolutions by class of shares.
Despite the ISS recommendation, the resolution is unlikely to succeed. The company is opposed to the proposal and its founding family have a 53.23 percent voting interest in the company, largely through the 79.5 percent of Bombardier’s Class A multiple voting shares they control. | READ MORE