New York Times Co. shareholders are being advised to take different courses of action by proxy-voting advisory firms for election of directors to the companys board, which has been criticized for lack of accountability because of the companys dual stock class structure and shareholder return underperformance.
Under the companys governance structure, Class A shareholders elect four directors; Class B shareholders, who are primarily members of the companys founding family, elect nine directors.
Proxy Governance recommends voting in favor of the four nominees standing for election by holders of Class A shares, or publicly traded stock, while Institutional Shareholder Services and Glass Lewis both recommend withholding votes for the nominees, and Egan-Jones Proxy Services recommends withholding votes for two nominees, Thomas Middelhoff and Doreen A. Toben.
The companys shareholder return was -9.77% for the five years ended Feb. 28, underperforming peer publishing companies and the S&P 500 index, according to an ISS report.
The companys annual meeting is April 24.