On February 10, 2025, Glass Lewis & Co., a leading independent proxy advisory firm, recommended that Matthews International shareholders vote 'FOR' all of Barington Capital's director nominees. This makes Glass Lewis the third major proxy advisory firm, alongside Institutional Shareholder Services Inc. (ISS) and Egan-Jones Proxy Services, to endorse Barington's slate.
Glass Lewis stated that Matthews has 'persistently deteriorated and consistently underperformed' during substantially all measurement periods, including CEO Joseph Bartolacci's entire tenure. The firm asserted that Barington 'has offered investors a reasonable, credible and incremental slate of candidates' and a 'more promising roadmap' for the company.
The unanimous support from all three leading proxy advisory firms underscores the belief that electing Barington's director nominees is a critical first step in unlocking Matthews' full value potential. Glass Lewis also recommended shareholders 'WITHHOLD' on Matthews' nominees Terry L. Dunlap, Alvaro Garcia-Tunon, and J. Michael Nauman.
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