- Glass Lewis & Co. supports Barnwell Industries (BRN, Financial) by advising against the removal of its incumbent directors.
- Barnwell is open to resolving the proxy contest with Ned Sherwood amicably, avoiding unnecessary costs and conflicts.
- The board focuses on a clear strategy to drive shareholder value and performance improvement.
Barnwell Industries, Inc. (BRN) continues to navigate an ongoing proxy contest initiated by activist investor Ned Sherwood. The company has gained substantial backing from Glass Lewis & Co., a prominent independent proxy advisory firm. Glass Lewis has recommended against the removal of Barnwell’s incumbent directors Alexander C. Kinzler, Kenneth S. Grossman, and Joshua S. Horowitz, describing such actions as unwarranted.
Despite this support and the solid stance of its board, Barnwell remains committed to an amicable resolution of the proxy battle. The board emphasizes its openness to engage in constructive discussions with Sherwood to avoid prolonged conflicts and unnecessary expenses, thereby focusing resources on shareholder value enhancement.
Barnwell's leadership is executing a strategic plan aimed at boosting shareholder value while improving operational performance. In making strides towards avoiding wasteful disputes, the company underscores its dedication to advancing its strategies while remaining receptive to settling differences through dialogue.
