SoftwareOne’s board, facing a showdown with its founding shareholders over the company’s direction, announced on Monday that its proposed resolution to the boardroom conflict has gained the support of Institutional Shareholder Services (ISS), a proxy advisory firm.
The three founding shareholders of SoftwareOne, Daniel von Stockar, Rene Gilli, and B. Curti Holding AG, are pushing to remove the current board of directors in order to facilitate a takeover bid. Collectively, they hold approximately 29% of the company’s shares.
In response, SoftwareOne’s existing board presented a compromise plan last month, suggesting the inclusion of “a proportionate number” of nominees from the founding shareholders to the board. These proposed nominees include Daniel von Stockar, Annabella Bassler, and Andrea Sieber.
According to SoftwareOne, ISS has recommended voting in favor of all nine nominees put forward by its board, including the three representing the founding shareholders, during the upcoming annual general meeting (AGM) scheduled for April 18.
Furthermore, SoftwareOne stated that ISS advised against the complete replacement of the board proposed by the founding shareholders. The company highlighted that ISS categorized all nominees from the shareholder group as “non-independent.”
In response to ISS’s recommendation, SoftwareOne emphasized that a balanced board would serve the best interests of all stakeholders and contribute to restoring stability within the company.
