Endurance SpecialtyHoldings Ltd. said ISS Proxy Advisory Services has recommended thatshareholders vote against the company'ssay-on-pay proposal, with ISS expressing concern over the absence of changes tothe company's compensation program in 2015.
Shareholders will vote on the compensation of the company's named executive officers and on there-election of the company's directors,including Norman Barham, at the annual meeting.
ISS also noted that issues regarding the tax reimbursements toEndurance Chairman and CEO John Charman remain ongoing, according to a proxy statementfiled May 9.
ISS further recommended that its clients withhold their votefor the re-election of Barham.
Endurance said it believes ISS's analysis is "flawed"and urged shareholders to vote for the say-on-pay proposal and for Barham's re-election. Among other things,the company asserted that its corporate governance and compensation practices areconsistent with best practices and that ISS's issue with the increase in the taxequalization payment was due to Charman's increased ownership stake in Endurance.