Luby's says ISS 'acknowledged positive developments' from turnaround plan
Luby's commented on a report by proxy voting advisory firm Institutional Shareholder Services, or "ISS," regarding the election of directors to Luby's board of directors at the upcoming 2019 annual meeting of shareholders, stating that it will "take ISS's commentary under careful advisement and consideration." Luby's believes that ISS "fundamentally mischaracterized numerous aspects of Luby's corporate governance, strategy and its campaign to counter Bandera. Most notably, ISS failed to appreciate and understand applicable Delaware law regarding Luby's shareholder rights plan," the company added. Gasper Mir, III, Independent Chairman of Luby's, said, "We are pleased that ISS supported our view that voting for Bandera nominees Savneet Singh and Stacy Hock would not be in the best interests of all shareholders. However, while we respect the conclusions of ISS, we strongly disagree with their recommendations to vote for Senator Philip Gramm and his son Jeff Gramm - a familial combination that ISS itself described as "sub-optimal". We continue to recommend that shareholders vote on the WHITE proxy card FOR the election of Luby's highly-qualified nominees. We are confident that Directors Chris Pappas, Harris Pappas, Frank Markantonis and myself are closely aligned with shareholders' best interests and can draw on our deep restaurant industry, operational and financial experience to guide the Company through this challenging period and create value for all Luby's shareholders."