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BOSTON (Reuters) - Blucora Inc shareholders voted to re-elect the financial services firm’s 10 current board members, rejecting dissident investor Ancora Holdings’ proposal to seat four newcomers, the company said on Wednesday.
Irving, Texas-based Blucora had told shareholders, which include large index funds and hedge funds, that its directors were better qualified to lead the company and that a number of recently made changes were beginning to bear fruit.
The company replaced the chief executive and chief financial officers last year amid concerns about performance, positioned the company’s two tax-focused businesses for long-term growth, and added new independent directors in 2020 and 2021.
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BOSTON (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) on Friday said Blucora Inc shareholders should vote for one of Ancora Holdings Inc’s four nominees for the Blucora board after the activist investor urged the company to explore strategic alternatives for the tax services business.
“The merits of the issues raised by the dissident lead to a conclusion that change is warranted, specifically in the form of direct shareholder representation in the boardroom,” ISS analysts wrote.
ISS urges shareholders to vote for Frederick DiSanto, who is chairman and CEO of Cleveland-based Ancora, arguing he is the only one of Ancora’s four proposed candidates who has experience serving on a public board.