ISS backs three dissident director candidates in proxy fight at US Foods

Proxy adviser Institutional Shareholder Services (ISS) on Monday said US Foods Holdings shareholders should vote for three of Sachem Head Capital Management’s five nominees, arguing the company would benefit from “closer board oversight.”

“The dissident has made a case for change, and the issues identified warrant the addition of three dissident nominees who can add supply chain and executive experience, directly represent shareholders, and bring robust public board and relevant industry experience.” ISS wrote in its report.

ISS backed Scott Ferguson, Sachem Head’s founder, as well as James Barber and Jeri Finard as board members.