Snow Park Capital Partners LP received support from proxy adviser Egan-Jones Proxy Services for its entire slate for the board of Front Yard Residential Corp.
The activist shareholder said Egan-Jones recommended that Front Yard shareholders vote to elect all three of Snow Park's independent nominees to the single-family-rental real estate investment trust's board at the May 23 annual meeting. They are Leland Abrams, Lazar Nikolic and Jeffrey Pierce.
In making its recommendation, Egan-Jones reaffirmed Snow Park's concerns over the REIT's weak corporate governance, poor long-term performance and strategic lapses. Egan-Jones argued that electing Snow Park's entire slate "will send a strong signal to the company that an urgent action is needed to correct the current state" at Front Yard.
Proxy advisers Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC earlier recommended the election of Snow Park's nominees Abrams and Nikolic to Front Yard's board.