Proxy advisory firms give Biglari a win

Proxy advisory firms give Biglari a win

Shareholders shouldn’t vote for Biglari Holdings board nominees on either side, says one firm

Given a choice between incumbent directors and a slate of nominees from activist investor Groveland Capital in the Biglari Holdings proxy fight, a proxy advisory firm made a curious recommendation: Neither.

Institutional Shareholder Services, one of the proxy advisory firms whose recommendations are closely watched in board elections, recommended that Biglari Holdings Inc. shareholders “do not vote” fo

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