Adviser wants new directors
Proxy adviser Glass, Lewis & Co. on Wednesday recommended that SandRidge shareholders vote to replace six of the seven Oklahoma City energy company directors.
The adviser said it strongly agrees with TPG-Axon that “independent shareholders would benefit from a fresh perspective and new board-level oversight.”
Glass Lewis supports SandRidge director Jim Brewer because he has been on the board only since 2011. Glass Lewis said it tends to support existing directors over dissident shareholders, but that it is not satisfied with SandRidge's response to TPG-Axon's questions.
“Here, we find the incumbent board's rebuttal, which largely eschews any meaningful relative assessments and sidesteps overwhelming failures in key areas of oversight, founders short of compelling, particularly when viewed from the perspective of unaffiliated shareholders,” the report stated.
From Staff Reports