Proxy advisory firms urge Ventas investors to reject activists bid for board seat

div classBodysc17zpet90 cdBBJodivpBOSTON Reuters – Proxy advisory firms Glass Lewis and Institutional Shareholders Services urged investors in healthcare real estate trust Ventas Inc to back management‘s director candidates and reject activist investment firm Land & Buildings’ effort to win one board seat.p

pLand & Buildings founder Jonathan Litt nominated himself as a director candidate, arguing that poor investor communications, capital allocation issues and a lack of board oversight led to significant underperformance at the company.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pThe investment firm owns a 0.2 stake in Ventas which is valued at 24 billion.p

pThe proxy advisory firms, whose recommendations often guide investor voting to settle boardroom battles, backed all 11 of Ventass candidates saying they do not believe Land & Buildings made a compelling case to join the board. p

pGlass Lewis on Wednesday wrote that Land & Buildings‘ concerns about Ventas’s stock performance are valid but that its concerns about capital allocation and governance “fall flat.”p

pThe company has shifted its portfolio toward the most attractive areas of healthcare real estate and has refreshed its board with the “experience, skills and perspective” that it needs, the Glass Lewis report said.p

pA representative for Land & Buildings declined to comment.p

pInvestors will vote on the matter on April 27 at Ventass annual meeting.p

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pp Reporting by Svea HerbstBayliss Editing by Stephen Coatesp

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