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Egan-Jones Recommends "Withhold" Votes for Majority of Whirlpool's Board
Historical observations of the firm's internet presence by our cyber security partner show several concerns in regards to Application Security at the company. Egan-Jones will generally recommend a "withhold" vote for a Board Chair when the company receives the lowest Cyber Security Score as is the case here.
Additionally, we are recommending "withhold" votes for members of the Compensation Committee currently up for nomination due to a Compensation Rating of "Some Concerns," the second lowest possible. This poor Compensation Rating has also resulted in a negative recommendation for the firm's "say-on-pay"
Several other non-diverse Directors received a negative recommendation due to an excessively long tenure on the Board and membership in key Board committees. According to Egan-Jones' Proxy Guidelines, a director whose tenure on the Board is 10 years or more is considered affiliated and should not be appointed to key Board committees, with the exception of diverse nominees.
For questions on this or any other EJP reports please contact Kevin McManus, Vice President and Director of Proxy Services, using the contact details below.
Vice President and Director of Proxy Services
Egan-Jones Proxy Services
61 Station Road
Haverford, PA 19041
Egan-Jones Proxy Services ("EJP") is a leading provider of independent proxy research, voting recommendations and voting services to a variety of institutional investors. EJP assists institutional fiduciaries in determining voting directions as well as assisting in the administrative submission of proxy voting, and provides research, recommendations, voting, and voting record retention services on various shareholder proxy voting matters. EJP was established in 2002 by the Egan-Jones Ratings Co., Inc. ("EJR"), a nationally recognized statistical rating organization ("NRSRO") as designated by the U.S. Securities and Exchange Commission. EJR provides credit rating services for primarily institutional clients. EJP is a related division of EJR, and is not a subsidiary or stand-alone corporate entity. EJP and EJR have physical and electronic safeguards in place to prevent conflicts of interest and the sharing of client data.