ZURICH (Reuters) – Shareholders in Swiss freight forwarder Panalpina should reject its largest investor’s proposal to remove a voting rights cap, proxy adviser Glass Lewis said on Tuesday.
It cited concerns including “questionable timing; no rationale; uncertainty around vote restrictions”.
Proxy adviser ISS also opposes the proposal by the Ernst Goehner Foundation, with about 46 percent of Panalpina’s shares, to remove a voting cap from the company’s articles of association at an April 5 extraordinary shareholders meeting. Activist investor Cevian is also fighting the proposal, on grounds it hurts minority owners.
(Reporting by Oliver Hirt; Editing by Michael Shields)