Leonard Riggio, chairman of Barnes & Noble gains the support of three small advisory firms in his proxy fight with billionaire investor Ronald W. Burkle over three seats on the Barnes & Noble board. Proxy Governance joins Glass Lewis & Co. and the Egan-Jones Proxy Services in their collective endorsement for Riggio.
Publishers Weekly reports: “Proxy Governance gave a stong endorsement to the two board nominees running with Riggio, Dave Golden and David Wilson, are the most qualified to help guide B&N throughout the next few years.” Burke prefers himself, Stephen Bollenbach, and Michael S. McQuary as seat occupants. During a recent phone interview, Burke offered up this quote: “I want someone in there who doesn’t say, ‘That’s the most amazing thing I ever heard’ every time Len opens his mouth.”
Yesterday, it was reported that the powerful proxy advisory firm Institutional Shareholder Services (ISS) agrees with Burke’s opinions that the board is too closely tied to Riggio and his family. Should Burkle’s desires come to fruition, Riggio would lose his seat. Riggio undoubtedly has plenty to worry about because large firms such as ISS have great influence on how shareholders will vote.