Proxy firm Glass Lewis backs NextGen’s slate in proxy contest By
© Reuters.
NEW YORK (Reuters) – Glass Lewis & Co recommended that NextGen Healthcare (NASDAQ:) Inc shareholders elect management’s slate of directors, becoming the second prominent proxy advisory firm to support the board and management over the company’s founder, Sheldon Razin.
“Given the circumstances, we believe shareholders will likely be best served supporting the board’s current slate, one that already reflects a significant refreshment that includes the Company’s recently-hired CEO and three other brand new nominees,” the Glass Lewis report, issued this week, said.
Last week, Institutional Shareholder Services also recommended that NextGen Healthcare Inc shareholders elect management’s four board nominees.
Glass Lewis and ISS both recommend that shareholders eliminate cumulative voting and reincorporate the company in Delaware.
Razin, who has served on the board since 1974, has nominated four directors and has criticized the company’s poor financial returns. Shareholders will vote on Oct. 13.
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