Proxy Advisory Firm ISS Recommends Stratus Shareholders Oppose Nominee Jim Leslie and Poison Pill
Austin, Texas, United States:
- ISS Confirms Underperformance and Concern of Entrenchment
- Oasis Urges Shareholders to Vote on the GOLD Proxy Card for the Oasis Nominees
Oasis Management Company Ltd. (“Oasis”) is manager to a fund that is a significant, long-term shareholder of Stratus Properties Inc. (NASDAQ: STRS) (the “Company” or “Stratus”) that beneficially owns over 13.5% of Stratus’ ordinary shares.
Oasis urges Stratus shareholders to vote on the GOLD proxy card for the highly qualified and independent Oasis director nominees.
While Institutional Shareholder Services (“ISS”), a leading independent proxy advisory firm, recommends shareholders “oppose the reelection of long-tenured incumbent James Leslie”, Oasis disagrees with ISS that the election of only one of Oasis’ nominees is sufficient change to the composition to the board.
In addition to Laurie Dotter, who ISS recognized should be elected to the board, Oasis encourages shareholders to elect Ella Benson and Jamie De la Garza, both highly qualified candidates with significant knowledge of financial markets and best governance practices as well as public company board experience, in stark contrast to the sole Stratus nominee supported by ISS.
In addition to recommending that shareholders withhold their vote from incumbent director James Leslie, ISS faulted the company’s board for its poor corporate governance noting that “…the company’s multiple takeover defense mechanisms – including a poison pill that does not warrant shareholder ratification – coupled with poor relative performance, raise the concern of potential board entrenchment.”
Oasis encourages its fellow shareholders to read its letters and presentation which can be viewed on the homepage of www.abetterstratus.com.
All shareholders are encouraged to contact Oasis at [email protected].
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