Bloomberg Law
May 26, 2023, 8:51 AM

Proxy Firm ISS Backs Activist Call for Brenntag Board Change (1)

Eyk Henning
Eyk Henning
Bloomberg News

Institutional Shareholder Services is backing activist investor PrimeStone Capital’s call for a board shakeup at Brenntag SE, saying the German chemical company’s strategy doesn’t appear to be working.

The influential proxy adviser said in a report that Brenntag shareholders should vote against the company’s proposed election of Richard Ridinger as chairman and Suja Chandrasekaran as a supervisory board member at next month’s annual general meeting.

Instead, it recommended they support PrimeStone’s candidates Geoff Wild, a former chief executive officer of German specialty chemicals and equipment firm Atotech, and Joanna Dziubak, a Goldman Sachs Group Inc. alumnus who ...

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