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Proxy advisory firm ISS endorses 3 Bow Street nominees to Mack-Cali board

Bow Street LLC said proxy advisory firm Institutional Shareholder Services Inc. recommended that shareholders of Mack-Cali Realty Corp. vote for three of the four Bow Street nominees to the real estate investment trust's board at the June 12 annual meeting.

The activist shareholder, which owns about 4.5% of Mack-Cali's outstanding stock, has nominated MaryAnne Gilmartin, Nori Gerardo Lietz, Alan Batkin and Frederic Cumenal in its call to overhaul Mack-Cali's board.

ISS endorsed Gilmartin, Lietz and Batkin, stating that replacing Mack-Cali's long-tenured directors with independent nominees could "substantially improve the board's composition and enhance its ability to evaluate available alternatives in an impartial manner," according to a release from Bow Street.

Mack-Cali has previously said it plans to create an independent strategic review committee, following the meeting, to look at opportunities that will enhance shareholder value. The company has signified its intention to offer board seats to Gilmartin and Cumenal, and membership on the strategic review committee to one of them should they accept Mack-Cali's offer.