Three Proxy Advisors Turn Thumbs Down On GAMCO Proposal For Fisher
April 9, 2009 at 5:02 PM (PT)
Three independent proxy advisory firms have advised FISHER COMMUNICATIONS shareholders to vote against a proposal submitted by GAMCO ASSET MANAGEMENT INC. requiring shareholder approval for FISHER acquisitions of operating businesses that cost over $25 million. RISKMETRICS GROUP, GLASS LEWIS AND CO., and PROXY GOVERNANCE, INC. have issued reports that turn thumbs down on the proposal, with GLASS LEWIS saying that it "generally believes that shareholders should not be involved in the day-to-day activities of the Company."
RISKMETRICS said, "Given that the items of business and the corresponding voting requirement as proposed in the proponent's request is not a subject for shareholder action under NASDAQ rules or other applicable law, RMG does not believe that this item warrants shareholder support." And PROXY GOVERNANCE said that FISHER "does not have a history of profligate acquisitions, is generally responsive to shareholders, and has in place protections to prevent substantial dilution without shareholders' consent."
"We are pleased that RISKMETRICS, GLASS LEWIS and PROXY GOVERNANCE have recognized the importance of maintaining the Board and management team's flexibility to manage the business in the best interests of our Company and shareholders," said FISHER Pres./CEO COLLEEN B. BROWN. "We remain focused on running our existing business as efficiently and effectively as possible and would only explore large acquisitions at attractive valuations that are accretive to shareholder value, such as duopolies."