Pro-ADP proxy advice irks Ackman

Invoice Ackman is just not proud of proxy advisory agency Institutional Shareholder Providers.

The hedgie behind Pershing Sq. stated ISS relied on “private, inaccurate and deceptive info, claims, and arguments” it acquired from Automated Knowledge Processing in its principally professional-ADP suggestions on how shareholders ought to vote on the payroll processor’s assembly subsequent week.

ISS launched a report final week during which it urged shareholders to help ADP’s slate of board candidates aside from Eric Quick. Withholding a vote for Quick would “present a gap” for Ackman to be elected, ISS stated.

However the proxy advisory agency didn’t endorse Ackman’s two different nominees.

Ackman needs ISS to concern a “corrective” report that additionally takes under consideration Ackman’s responses to private info ADP offered to ISS.

With such info, ISS may come to a “materially extra favorable conclusion for Pershing Sq.,” Ackman wrote.

Ackman’s complaints have been contained in an 18-web page letter despatched to ISS on Monday.

Reps from ISS and ADP didn’t instantly reply to requests for remark.

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