CGI Glass Lewis backs Humm board cleanout amid ‘serious and concerning conduct’
The proxy adviser changed its recommendation on the eve of Humm Group’s extraordinary general meeting after the Takeovers Panel revealed more problematic activity.
CGI Glass Lewis has switched its recommendation a week before Humm Group’s extraordinary general meeting is set to convene, now advising shareholders oust all three of the board directors put on the chopping block by activist investors Jeremy Raper and Collins Street Asset Management.
The influential proxy adviser’s revised report landed on Friday after the Takeovers Panel flagged “serious and concerning” conduct from the fintech’s board and as prospective suitor Credit Corp continues its due diligence.
Humm’s behaviour following the debt collector’s $385 million non-binding offer in November has been closely scrutinised by the Takeovers Panel, which has made a series of orders and accepted some remedial action.
Governance concerns have been mounting in the wake of a drawn-out buyout bid by founder, former chair and largest shareholder Andrew Abercrombie last year.
