Proxy advisory firms urge Ventas investors to reject activist’s bid for board seat

BOSTON (Reuters) – Proxy advisory companies Glass Lewis and Institutional Shareholders Products and services urged traders in health care real estate have confidence in Ventas Inc to again management’s director candidates and reject activist investment decision firm Land & Buildings’ work to get 1 board seat.

Land & Buildings’ founder Jonathan Litt nominated himself as a director candidate, arguing that poor investor communications, capital allocation challenges and a absence of board oversight led to important underperformance at the enterprise.

The expenditure agency owns a .2% stake in Ventas which is valued at $24 billion.

The proxy advisory companies, whose recommendations typically guidebook trader voting to settle boardroom battles, backed all 11 of Ventas’s candidates indicating they do not believe Land & Structures manufactured a powerful case to sign up for the board.

Glass Lewis on Wednesday wrote that Land & Buildings’ concerns about Ventas’s inventory general performance are valid but that its issues about funds allocation and governance “tumble flat.”

The corporation has shifted its portfolio towards the most attractive spots of health care genuine estate and has refreshed its board with the “working experience, capabilities and viewpoint” that it requires, the Glass Lewis report mentioned.

A agent for Land & Structures declined to remark.

Buyers will vote on the issue on April 27 at Ventas’s annual meeting.

(Reporting by Svea Herbst-Bayliss Editing by Stephen Coates)