Urges Mack-Cali Shareholders to Follow ISS’s Recommendation to VOTE the GOLD Proxy Card "FOR ALL" of Bow Street’s Highly Qualified, Independent Director Nominees
Bow Street LLC ("Bow Street") today issued the following statement in response to Mack-Cali Realty Corporation’s ("Mack-Cali" or the "Company") (NYSE:CLI) modification of its slate of candidates standing for election to the Board of Directors (the "Board") just days before the Company’s Annual Meeting on June 10, 2020.
Akiva Katz and Howard Shainker, Managing Partners of Bow Street, said, "Mack-Cali’s action today is a further attempt to undo the 2019 election results and a step backwards for good governance and shareholder value. This gamesmanship, just days before the annual meeting, is consistent with Mack-Cali’s approach to poor governance and reminiscent of the actions it took to manipulate last year’s Board election and retain its Chairman William Mack, who was voted off the Board by shareholders. The slate ‘modifications’ announced by the Company today are nothing more than an attempt by Michael DeMarco to preserve his position as CEO and perpetuate the status quo. The Company’s revised slate is just as conflicted and beholden to Mr. DeMarco as it was yesterday. The facts are that legacy directors Lisa Myers, Laura Pomerantz and Rebecca Robertson all have longstanding relationships with and are loyal to the Mack family, and the five ‘new’ nominees were chosen and vetted by Mr. DeMarco himself. If Mack-Cali’s director nominees are in control of the Board, nothing will change, and shareholders’ investment will continue to languish.
"Mack-Cali’s action falls far short of ISS’s recommendation to elect ALL EIGHT of Bow Street’s director nominees by voting the GOLD proxy card. Only by electing Bow Street’s slate of independent director nominees will accountability and credibility be restored in the boardroom. We urge shareholders not to be fooled by another last-ditch effort by the Company to manipulate a fair election of directors. Shareholders deserve much better. We strongly encourage shareholders to protect the value of their investment by voting the GOLD proxy card "FOR ALL" of Bow Street’s highly qualified, truly independent director nominees, who, as directors, will improve corporate governance and reestablish integrity at Mack-Cali."
YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN!
About Bow Street LLC
Founded in 2011, Bow Street is a New York-based investment manager that partners with institutional investors and family offices globally to invest opportunistically across public and private securities.
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