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Independent Proxy Advisory Firms ISS and Glass Lewis Recommend that Stratasys Shareholders Vote “FOR” the Re-Election of ALL of Stratasys’ Director Nominees and “AGAINST” Each of Nano Dimension’s Nominees
Stratasys Board Unanimously Recommends All Shareholders Follow ISS and Glass Lewis’s Recommendations MINNEAPOLIS & REHOVOT, Israel--(BUSINESS WIRE)--
About this update from Stratasys, Ltd.
[{"type":"text","content":"\nStratasys Board Unanimously Recommends All Shareholders Follow ISS and Glass Lewis’s Recommendations\n\n\n MINNEAPOLIS & REHOVOT, Israel--(BUSINESS WIRE)--\nStratasys Ltd. (Nasdaq: SSYS) (the “Company”), a leader in polymer 3D printing solutions, today announced that independent proxy advisory firms Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) have recommended that Stratasys shareholders vote “FOR” the re-election of the eight highly qualified and independent current members of the Stratasys Board, and “AGAINST” the election of each of Nano Dimension’s nominees in connection with the Company’s 2023 Annual General Meeting of Shareholders on August 8, 2023.\n\n\nIn its report dated July 27, 2023, ISS noted:1\n\n\n\n“In this case, the dissident slate itself lacks independence, as it is primarily composed of the dissident's executives, who owe their professional loyalty to the dissident's Chair/CEO Stern. The dissident appeared to concede as much in its July 20, 2023 press release in which it stated that it would eventually replace its nominees with independent directors.”\n\n\n\n“…the fact that all but one of the nominees is an executive of NNDM raises concerns over their independence that are difficult to reconcile.”\n\n\n\n“Given that the board as currently constituted appears to have responded appropriately to the most recent incoming acquisition proposals, and that the election at this AGM of dissident nominees - most of whom are executives of a hostile bidder - would seem to be of limited value in ensuring an objective assessment of the available alternatives, votes are warranted for the full management slate.”\n\n\n\nIn its report dated July 25, 2023, Glass Lewis noted:2\n\n\n\n“...we do not find Nano Dimension to have presented a convincing case that any of its director nominees would be superior to the incumbent directors, particularly given the fact that six of the seven Dissident Nominees are executives of Nano Dimension, which itself exhibits performance and governance issues which we consider to be more concerning than those observed at Stratasys, particularly as it pertains to Mr. Stern, and would be cause for conflicts of interests in the event that they are elected to the Stratasys board.”\n\n\n\n“…as it pertains to independence, we maintain our view that seven of the eight incum...