Institutional Shareholder Services advised investors to vote against the re-election of Shari Redstone to the Paramount Global (PARA, Financials) board, citing concerns over the company's governance and executive pay structure.
In a report dated June 23, the influential proxy adviser recommended voting out Redstone, who serves as Paramount's non-executive chair and is president of National Amusements, along with three other directors—Barbara Byrne, Linda Griego, and Susan Schuman. ISS criticized the board for maintaining a “problematic capital structure” and flagged the company's executive bonus program for over-relying on subjective individual performance metrics.
Paramount is currently in the middle of a proposed $8.4 billion merger with Skydance Media, which is awaiting regulatory approval. Earlier this month, the company nominated three new board members. ISS has endorsed those nominees but is calling for a shake-up among longstanding directors.
The company's annual shareholder meeting is scheduled for July 2. The outcome could have major implications for Paramount's leadership and its path forward as it navigates consolidation talks and investor discontent.
