Barnwell Industries comments on ISS recommendation against Sherwood Group slate

Barnwell Industries (BRN) urged shareholders to follow the recommendation by proxy advisory firm Institutional Shareholder Services , or ISS, in its May 7 report in which it recommended just one candidate, Heather Isidoro, from the slate put forward by Ned Sherwood and his affiliates. Barnwell’s statement includes: “The company is disappointed that ISS recommended the removal of Mr. Kinzler from Barnwell’s Board, however, we believe the election of Ms. Isidoro and removal of Mr. Kinzler is a reasonable outcome. Such an outcome is also consistent with the opinion of proxy advisory firms ISS and Glass Lewis that replacing the entire Barnwell Board with an entirely new slate – and no plan for the company – would be imprudent, and we believe, value destructive. We are pleased that, by rejecting the Sherwood Group’s attempt to replace the Barnwell Board of Directors, ISS recognizes the Sherwood Group has no credible plan for the company. ”