Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Proxy adviser ISS recommends against three directors at Sturm Ruger

Published 04/30/2019, 06:15 AM
Updated 04/30/2019, 06:15 AM
© Reuters.  Proxy adviser ISS recommends against three directors at Sturm Ruger

By Ross Kerber

BOSTON (Reuters) - Institutional Shareholder Services recommended investors withhold support from three directors at gunmaker Sturm Ruger & Co ahead of its May 8 annual meeting, the top proxy adviser said in a report seen by Reuters on Friday.

Sturm Ruger has been under pressure from gun control activists over how it might respond to a series of mass shootings across the United States, including at schools, houses of worship and workplaces.

ISS recommended investors withhold support from Sturm Ruger Chair Michael Jacobi and the heads of its governance and risk oversight committees. It did recommend investors back the company's six other board nominees including Chief Executive Christopher Killoy and Sandra Froman, who is also a director of the National Rifle Association and was its president from 2005 to 2007.

In a separate report, rival proxy adviser Glass Lewis recommended support for all nine of Sturm Ruger's director nominees.

Last year a majority of Sturm Ruger investors backed a call for a safety report, but ISS said the document the company produced "provides little new information."

ISS also wrote that contrary to the board's policy of non-engagement with investors, many U.S. companies routinely engage with their shareholders.

Sturm Ruger general counsel Kevin Reid said via e-mail, "We are disappointed with the ISS report and strongly disagree with the withhold recommendations."

He said the company is confident the 34-page report it issued Feb. 8 "was fully responsive to the shareholder proposal" passed last year and said investors should read it and judge for themselves, via the firm's website.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.