Barnwell Industries (BRN, Financial) has responded to recent actions taken in a proxy contest led by Ned Sherwood and his associated groups. The company highlighted that Glass Lewis & Co., a respected proxy advisory firm, has recommended retaining the incumbent directors — Alexander C. Kinzler, Kenneth S. Grossman, and Joshua S. Horowitz — deeming their removal unnecessary. This decision aligns with the ongoing efforts by the Sherwood Group to assume control of the company, but underscores Barnwell's established strategic direction and commitment to enhancing shareholder value.
Despite the company's confident position and growing backing, Barnwell is prioritizing the avoidance of extended disputes and unnecessary expenses for all shareholders. The board remains open to engaging in constructive and sincere discussions with Mr. Sherwood to find a harmonious resolution. Barnwell emphasizes the importance of responsible governance and the pursuit of private, efficient conflict resolution. The company continues to focus on executing its strategic plan to enhance performance and maintain the trust of its long-term investors. Should Mr. Sherwood opt against pursuing a collaborative dialogue, Barnwell believes this choice will be self-explanatory.
