ROCKVILLE, Md., April 5 (UPI) -- A proxy-voting and corporate-governance advisory firm Thursday urged New York Times Co. investors to withhold their votes for the company's public directors.
The Times' stockholding structure keeps the company insufficiently accountable to public shareholders, Institutional Shareholder Services Inc. said in a report.
"Shareholders are left with few avenues through which to voice their opinion other than by withholding (votes)," ISS said. "A strong message to effect change is necessary."
Some shareholders have pushed the Times to eliminate its dual-class shareholding structure, which gives company control to publisher Arthur Sulzberger Jr. and his family, The Wall Street Journal reported.
Class A shareholders, open to the public, elect 30 percent of the board. Class B shareholders control the rest.
The B shareholders have been unwilling to change the structure.
ISS recommends public shareholders withhold votes for all four Class A directors up for re-election at the company's annual meeting April 24.
"We are disappointed that ISS has recommended a withhold vote for our Class A directors," Times spokeswoman Catherine Mathis said in a statement. "We note, however, that they did not advocate their removal, which we see as recognition of the high quality of our board members."
