Barnwell Industries Urges Shareholders to Vote in Accordance with ISS Recommendation and Reject Ned Sherwood's Attempt to Take Over the Company
Barnwell Industries (NYSE: BRN) is urging shareholders to follow the recommendations of proxy advisory firm ISS regarding the ongoing proxy battle with the Sherwood Group. ISS recommended supporting only one candidate, Heather Isidoro, from Ned Sherwood's proposed slate, while rejecting the other nominees. The advisory firm also recommended the removal of Alex Kinzler from Barnwell's Board.
While Barnwell expressed disappointment regarding Kinzler's recommended removal, they view the election of Isidoro and Kinzler's removal as a reasonable outcome. The company emphasized that both ISS and Glass Lewis rejected Sherwood Group's attempt to replace the entire Board, noting that the Sherwood Group lacks a credible plan for the company.
Barnwell Industries (NYSE: BRN) esorta gli azionisti a seguire le raccomandazioni della società di consulenza proxy ISS riguardo alla battaglia proxy in corso con il Sherwood Group. ISS ha consigliato di sostenere un solo candidato, Heather Isidoro, dalla lista proposta da Ned Sherwood, respingendo gli altri nominativi. La società di consulenza ha inoltre raccomandato la rimozione di Alex Kinzler dal Consiglio di Amministrazione di Barnwell.
Nonostante Barnwell abbia espresso delusione per la raccomandazione di rimuovere Kinzler, considera ragionevole l’elezione di Isidoro e la rimozione di Kinzler. L’azienda ha sottolineato che sia ISS che Glass Lewis hanno respinto il tentativo del Sherwood Group di sostituire l’intero Consiglio, evidenziando che il Sherwood Group non dispone di un piano credibile per la società.
Barnwell Industries (NYSE: BRN) está instando a los accionistas a seguir las recomendaciones de la firma asesora de voto ISS respecto a la batalla proxy en curso con el Sherwood Group. ISS recomendó apoyar solo a una candidata, Heather Isidoro, de la lista propuesta por Ned Sherwood, rechazando a los demás nominados. La firma asesora también recomendó la destitución de Alex Kinzler del Consejo de Administración de Barnwell.
Aunque Barnwell expresó su decepción por la recomendación de remover a Kinzler, consideran razonable la elección de Isidoro y la destitución de Kinzler. La compañía enfatizó que tanto ISS como Glass Lewis rechazaron el intento del Sherwood Group de reemplazar a todo el Consejo, señalando que el Sherwood Group carece de un plan creíble para la empresa.
Barnwell Industries (NYSE: BRN)는 Sherwood Group과 진행 중인 위임장 싸움과 관련하여 ISS라는 위임장 자문 회사의 권고를 주주들이 따르도록 촉구하고 있습니다. ISS는 Ned Sherwood가 제안한 후보 중 Heather Isidoro 한 명만 지지하고 다른 후보들은 거부할 것을 권고했습니다. 또한 자문 회사는 Barnwell 이사회에서 Alex Kinzler를 해임할 것을 권고했습니다.
Barnwell은 Kinzler 해임 권고에 대해 유감을 표했지만, Isidoro의 선출과 Kinzler 해임을 합리적인 결과로 보고 있습니다. 회사는 ISS와 Glass Lewis 모두 Sherwood Group이 이사회를 전면 교체하려는 시도를 거부했으며, Sherwood Group이 회사에 대한 신뢰할 만한 계획이 없다고 강조했습니다.
Barnwell Industries (NYSE: BRN) encourage les actionnaires à suivre les recommandations du cabinet de conseil en vote par procuration ISS concernant la bataille en cours avec le Sherwood Group. ISS a recommandé de soutenir un seul candidat, Heather Isidoro, de la liste proposée par Ned Sherwood, tout en rejetant les autres candidats. Le cabinet a également recommandé le retrait d'Alex Kinzler du conseil d'administration de Barnwell.
Bien que Barnwell ait exprimé sa déception concernant la recommandation de retirer Kinzler, la société considère l'élection d'Isidoro et le retrait de Kinzler comme un résultat raisonnable. L'entreprise a souligné que tant ISS que Glass Lewis ont rejeté la tentative du Sherwood Group de remplacer l'ensemble du conseil, notant que le Sherwood Group ne dispose pas d'un plan crédible pour la société.
Barnwell Industries (NYSE: BRN) fordert die Aktionäre auf, den Empfehlungen der Proxy-Beratungsgesellschaft ISS im laufenden Proxy-Kampf mit der Sherwood Group zu folgen. ISS empfahl, nur eine Kandidatin, Heather Isidoro, aus der von Ned Sherwood vorgeschlagenen Liste zu unterstützen und die anderen Nominierten abzulehnen. Die Beratungsgesellschaft empfahl außerdem die Abberufung von Alex Kinzler aus dem Vorstand von Barnwell.
Obwohl Barnwell die Empfehlung zur Abberufung Kinzlers bedauert, betrachtet das Unternehmen die Wahl von Isidoro und die Abberufung von Kinzler als ein vernünftiges Ergebnis. Das Unternehmen betonte, dass sowohl ISS als auch Glass Lewis den Versuch der Sherwood Group, den gesamten Vorstand zu ersetzen, abgelehnt haben, und stellte fest, dass der Sherwood Group ein glaubwürdiger Plan für das Unternehmen fehlt.
- ISS and Glass Lewis rejected Sherwood Group's attempt for complete board control
- Limited board changes recommended (only one new director) maintains stability
- Recommended removal of board member Alex Kinzler indicates governance concerns
- Ongoing proxy battle creates uncertainty for company direction
Insights
Barnwell faces a control contest with ISS recommending partial board changes, signaling ongoing governance tensions but rejecting complete takeover.
The ongoing proxy battle at Barnwell Industries has reached a critical juncture with influential proxy advisor ISS issuing a split recommendation. Rather than supporting either side completely, ISS has recommended shareholders vote to remove CEO Alex Kinzler from the board while adding just one dissident nominee (Heather Isidoro). This represents a significant development in the contest launched by the Sherwood Group, which had sought complete board control.
The ISS recommendation is particularly noteworthy as proxy advisors' guidance often significantly influences institutional voting patterns. By rejecting the Sherwood Group's attempt to replace the entire board, ISS has signaled that while some governance changes may be warranted, a wholesale takeover without a clearly articulated strategic plan would be imprudent.
What stands out in this contest is the absence of a detailed alternative strategy from the Sherwood Group - a critical factor in ISS's decision to recommend against most of their nominees. In control contests, proxy advisors typically require dissidents to present compelling reasons for change and a clear roadmap forward. The company's response indicates current management believes the Sherwood Group lacks such a plan.
This partial endorsement creates a balanced governance approach that introduces fresh perspective while maintaining continuity - a middle-ground solution that acknowledges some shareholder concerns while preserving institutional knowledge. The battle represents a textbook example of the tension between activist investors seeking rapid change and boards defending long-term strategic continuity.
In its report, ISS stated1:
As such, votes on the dissident card for the removal of [Alex] Kinzler, and against the removal of Kenneth Grossman, Joshua Horowitz, and Douglas Woodrum are warranted; as is support for dissident nominee Isidoro, and votes against dissident nominees James Cornell, Stuart Oran, Sherwood, and Gregory Sullivan.
Barnwell issued the following statement:
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. A key criteria for ISS in making recommendations when a shareholder is seeking control is whether that shareholder has a plan – and the Sherwood Group decidedly does not.
Barnwell strongly urges shareholders to protect the value of their investment by voting the WHITE consent revocation card today and rejecting the Sherwood Group's agenda.
If you have any questions or to revoke a previous submitted consent, please contact our proxy solicitor:
Okapi Partners at (877) 869-0171 or by email at info@okapipartners.com
1 Permission to use quotations neither sought nor obtained.
Forward-Looking Statements
Certain information contained in this press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current beliefs and expectations of our board and management team that involve risks, potential changes in circumstances, assumptions, and uncertainties, include various estimates, forecasts, projections of Barnwell's future performance, statements of Barnwell's plans and objectives, our expectations regarding the effect of the Sherwood Group's Consent Solicitation and our ability to successfully solicit revocations of consents from our stockholders to reject the Sherwood Group's proposals. Forward-looking statements include phrases such as "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates," "assumes," "projects," "may," "will," "will be," "should," or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Any or all of the forward-looking statements may turn out to be incorrect or be affected by inaccurate assumptions Barnwell might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to the actions of the Sherwood Group, our ability to successfully solicit revocations of consents from our stockholders to reject the Sherwood Group's proposals, our ability to defend against any potential claims by the Sherwood Group, our ability to execute on our strategy and business plan and the other risks forth in the "Forward-Looking Statements," "Risk Factors" and other sections of Barnwell's Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and Barnwell's other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.
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SOURCE Barnwell Industries, Inc.
FAQ
What did ISS recommend for Barnwell Industries (BRN) shareholders in May 2025?
Who is attempting to take over Barnwell Industries (BRN)?
Why did ISS reject the Sherwood Group's full slate of directors for BRN?
How can BRN shareholders vote regarding the Sherwood Group's proposals?
