Impactive Capital Receives ISS Recommendation to Support Board Nominees
Impactive Capital, together with its affiliates, is one of the largest shareholders of WEX with an ownership interest of approximately 4.9%. Impactive announced that leading proxy advisory firm Institutional Shareholder Services, ISS, has recommended that shareholders vote on the WHITE proxy card FOR the election of Impactive director nominees Kurt Adams and Lauren Taylor Wolfe to the Company's Board of Directors and WITHHOLD on director Nancy Altobello and Compensation Committee Chair Stephen Smith. ISS's recommendation follows reports published by Glass, Lewis & Co. and Egan-Jones Ratings Company, both of which also endorsed Impactive's case for change at WEX. ISS highlighted WEX's financial underperformance and capital allocation issues, with a particular focus on the disconnect between how the Board has portrayed performance versus the reality for shareholders, stating: "The ongoing concerns with board composition and leadership are only amplified by the struggle to generate value for shareholders...there continues to be a sharp disconnect between the significant capital allocated in furtherance of the company's strategy and the comparatively minimal corresponding benefit accrued to shareholders. Indeed, despite the board's messaging, TSR has failed to meet the expectations of shareholders over key measurement periods, including over the majority of the CEO's tenure."
