Argo Group: ISS recommends holders vote FOR Argo director slate
Institutional Shareholder Services, or ISS, has recommended shareholders of Argo vote the WHITE proxy card in support of all of Argo's directors at the company's Annual General Meeting on May 24. In recommending the WHITE proxy card in its May 11, report, ISS noted the strong results the Argo board and management have delivered for shareholders and expressed support for Argo's board and strategic direction: "The company has delivered strong TSR over the short- and long-term and has demonstrated good overall governance; notably, the board has appropriately refreshed itself in recent years. The Board also has demonstrated that it has thoughtfully considered many of the concerns raised by the dissident before reaching a conclusion with which the dissident disagrees." In concluding that Voce has failed to make a case for its slate of nominees, ISS noted Argo's "ongoing refreshment process that incorporates active, contributing, and additive board members." ISS observed that: "In fact, independent of the dissident's involvement, the board's refreshment is proceeding at a reasonable pace and the dissident's allegations of a stale board do not appear to accurately reflect the current board dynamic, particularly in the absence of underperforming operations or share returns."