In opposition to a shareholder-led proxy battle at Tecumseh Products Company, RiskMetrics Group has vouched for the current board members, and has advised shareholders to vote for all seven current directors. The endorsement comes in the face of the Herrick Foundation, which has put forth its own director nominees against Tecumseh. RiskMetrics claims that Tecumseh’s board has performed well enough so that a majority board change is unwarranted. Tecumseh is a manufacturer of commercial and industrial compressors. Its share price has fallen by about 66 percent in the last year.
RiskMetrics Supports Tecumseh Board in Proxy Battle
RiskMetrics has thrown its support behind the sitting board at Tecumseh, opposing the proxy battle waged by the Herrick Foundation.
August 6, 2009