Proxy advisory firms urge Ventas investors to reject activist’s bid for board seat

BOSTON (Reuters) – Proxy advisory corporations Glass Lewis and Institutional Shareholders Providers urged traders in health care actual estate rely on Ventas Inc to again management’s director candidates and reject activist financial investment firm Land & Buildings’ hard work to earn a single board seat.

Land & Buildings’ founder Jonathan Litt nominated himself as a director applicant, arguing that lousy investor communications, cash allocation difficulties and a deficiency of board oversight led to sizeable underperformance at the business.

The financial investment firm owns a .2% stake in Ventas which is valued at $24 billion.

The proxy advisory firms, whose tips frequently tutorial investor voting to settle boardroom battles, backed all 11 of Ventas’s candidates saying they do not consider Land & Structures manufactured a compelling circumstance to join the board.

Glass Lewis on Wednesday wrote that Land & Buildings’ problems about Ventas’s inventory functionality are valid but that its problems about money allocation and governance “tumble flat.”

The enterprise has shifted its portfolio towards the most eye-catching spots of health care true estate and has refreshed its board with the “encounter, skills and viewpoint” that it needs, the Glass Lewis report explained.

A agent for Land & Structures declined to remark.

Buyers will vote on the matter on April 27 at Ventas’s annual meeting.

(Reporting by Svea Herbst-Bayliss Modifying by Stephen Coates)