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Proxy adviser Glass Lewis opposes Panalpina plan to lift vote cap

Proxy adviser Glass Lewis opposes Panalpina plan to lift vote cap
FILE PHOTO: The logo of Swiss transport and logistics firm Panalpina is seen at an office building in Basel, Switzerland March 11, 2019. REUTERS/Arnd Wiegmann   -   Copyright  ARND WIEGMANN(Reuters)
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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)

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