Institutional Shareholder Services (ISS) and Glass Lewis Recommend That Valeo Shareholders Vote Against Pardus Resolutions
Paris, France (ots/PRNewswire)
Valeo announced today that two leading independent proxy voting advisors, ISS and Glass Lewis had recommended that Valeo shareholders vote against the resolutions proposed by Pardus for eight Valeo Board members at the Annual General Meeting to be held on 21 May 2007. They also recommended voting for all of the Board's proposals.
In their analysis ISS stated that the main reasons for their recommendation were the following:
- Risk of conflict of interest: Pardus holds approximately 17.4% of Visteon, which is a serious competitor of Valeo.
- Absence of proportionality: Pardus' request for eight out of thirteen Board Members exceeds any proportionality for a shareholder with 13% of the share capital
- Risk of a divided board, which would not be in the interests of shareholders
- Absence of prior discussions with Valeo management.
At the same time, ISS recommended that shareholders support Valeo's recommendations for Board members which would lead to a significant number of independent directors.
Glass Lewis recommended that shareholders vote against the Pardus resolutions as, without the support of the rest of the Board Members, the proposed directors could prove disruptive to the Board which would not be in shareholders' interests.
Valeo is an independent industrial group dedicated to the design, production and sale of components, integrated systems and modules for cars and trucks. It is one of the world's leading automotive suppliers. The Group has 131 production sites, 68 R&D centers, 9 distribution platforms, and employs 71,100 people in 29 countries worldwide.
For all additional information, please contact:
Kate Philipps
Group Communications Director
Tel: +33-1-40-55-20-65
Rémy Dumoulin
Investor Relations Director
Tel: +33-1-40-55-29-30For more information about the Group and its activities, please visit our web site www.valeo.com
Contact:
For all additional information, please contact: Kate Philipps, Group
Communications Director, Tel: +33-1-40-55-20-65; Rémy Dumoulin,
Investor Relations Director, Tel: +33-1-40-55-29-30