The two most prominent proxy councilors have come to the opposite conclusion about whether EQT Corp.'s natural gas shareholders will hand over the company's control to two brothers who say they can manage it better. Shareholders have recommended shareholders to support all seven Rice-nominated and five nominees for disapproval of the company, according to a copy of the ISS report reviewed by The Wall Street Journal.
Shareholders support all 12 company applications, according to a copy of the report reviewed by the magazine. 2017 – Proxy. The brothers, who with their family control about 3% of EQT's shares, are disappointed with its operations and insist Toby Rice to replace CEO Robert McNally.
The ISC's recommendation and that the election of the Rice-nominated nominees would be detrimental to EQT operations. He calls the brothers' candidates "less qualified, less experienced and highly contradictory." His report that, despite the recent improved EQT results, the cost savings and other potential benefits of Rice energy acquisition have not been realized and the board requires significant change. Glass Lewis, on the other hand, said that such a drastic change was not justified, as EQT has already added eight directors and installed new management over the past year. The Rice Brothers' candidates include Toby Rice and Daniel Rice, current EQT board member who appears in both countries. They have the support of EQT shareholders, including D.E. Shaw Group and Kensico Capital Management Corp., which jointly control approximately 8% of EQT shares, according to Refinitiv.
In the last few months since the Rice brothers started their campaign late last year, EQT has taken various actions to improve its positioning among shareholders, including canceling the voting date of shareholders, replacing additional directors, and publishing better results.
EQT said the Rice brothers' nomination on board would break the company's progress and that Toby Rice is not fit to run the company. the Rice Team's plan is the only viable way to turn EQT into a modern, cheap gas operator.
EQT uses a universal ballot to vote for its shareholders, making it one of the few known. Proxy is struggling to use such cards, which allows shareholders to choose from nominations from both sides. Universal bulletins may make it more likely that a company will lose some seats on a dissident board but are less likely to lose the majority of seats.
EQT shareholders will vote for directors on July 1