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ISS recommends vote against Banc of California's 2018 stock incentive plan

Institutional Shareholder Services recommended a vote against Banc of California Inc.'s 2018 omnibus stock incentive plan.

The proxy advisory firm said the plan's cost and its three-year average burn rate are "excessive" and that the plan "allows broad discretion to accelerate vesting."

The Santa Ana, Calif.-based bank had earlier recommended that shareholders vote in favor of the proposal, which would eliminate the evergreen provision in the company's 2013 omnibus stock incentive plan. The provision automatically increases the available share pool every time the number of outstanding shares increases.

The company has asked ISS to reconsider its recommendation.