Mark Patterson, a HomeStreet Inc. board member, disagreed with proxy advisory firm Institutional Shareholder Services' recommendation that HomeStreet shareholders vote against lead independent director Scott Boggs' re-election to the board.
"I believe that ISS' decision to recommend against Scott was driven by an under-appreciation of the Company's strategy and performance," Patterson wrote in a letter to shareholders. "From my perspective, HomeStreet's operational strategy has worked, and continues to work, very well."
Patterson called Boggs a "terrific advocate for shareholders" who has a "great perspective on where the Company has come from, where it is now and where it needs to go."
Glass Lewis & Co. has recommended a vote in favor of Boggs' re-election to the board.
