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Leading Proxy Advisory Firm, Institutional Shareholder Services, Recommends Shareholders Vote On First United's Blue Proxy Card
ISS Highlights First United's Strong Financial & Operational Performance Under CEO Carissa Rodeheaver's Leadership Vote on the BLUE Proxy Card Today for First
About this update from First
[{"type":"text","content":"ISS Highlights First United's Strong Financial & Operational Performance Under CEO Carissa Rodeheaver's Leadership\n Vote on the BLUE Proxy Card Today for First United's Highly Qualified Candidates: John W. McCullough; John F. Barr; Brian R. Boal; and Marisa A. Shockley\n ISS Notes Driver's Unqualified Director Nominees and Recommends Shareholders DO NOT VOTE on Driver's WHITE Proxy Card\n First United Reminds Shareholders to Revoke Votes on Driver's WHITE Card by Voting on First United's BLUE Card\n\n\nOAKLAND, Md., May 28, 2020 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC) (\"First United,\" \"FUNC,\" or the \"Company\"), a bank holding company and the parent company of First United Bank & Trust (the \"Bank\"), today announced that leading proxy advisory firm, Institutional Shareholder Services Inc. (\"ISS\"), recommends shareholders vote on the Company's BLUE proxy card for nominees, John F. Barr, Brian R. Boal, and Marisa A. Shockley.\nImportant statements by ISS1 in its voting recommendation include:\nFirst United's Performance Outpaces its Peers and Relevant Timeframes\n\"Over almost all periods of measurement, FUNC has delivered a superior TSR compared to its identified peers and the larger market index during the tenure of CEO Rodeheaver.\"First United's Directors Are Best Positioned to Lead the Company Forward\n\"Given the company's strong performance under the current CEO, the dissident has not presented a sufficiently compelling case that immediate change–particularly the removal of two of the most recent additions to the board – would be beneficial in this case. Moreover, given their limited public board experience, it's unclear that the members of the dissident slate would be the ideal candidates…\" First United Remains Committed to Shareholder Engagement\n\"…the Company engaged with the dissident, undertook three strategic reviews, offered to settle with the dissident, and offered to meet any other shareholders to hear their views with regards to the current proxy fight.\"First United welcomes this recommendation following ISS' exhaustive analysis of the Company's financial performance, operations, long-term growth strategy, and commitment to shareholder engagement, among other positive attributes. These findings make it clear that the dissident's adamant and repeated demands for a sale of the Company, an...