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Glass Lewis recommends activist investors' nominees to Granite board

FrontFour Capital Group LLC and Sandpiper Group's three nominees to the board of Granite REIT secured recommendation from independent proxy advisory firm Glass Lewis & Co. LLC, according to an investor release.

The recommendation follows the endorsement from fellow proxy adviser Institutional Shareholder Services.

FrontFour and Sandpiper, owners of approximately 6.2% of Granite REIT's outstanding stapled units, are urging other shareholders to vote for former Calloway Real Estate Investment Trust CEO Al Mawani, former KingSett Capital President Peter Aghar, and Sandpiper Group CEO Samir Manji at the forthcoming annual general meeting June 15.

At the same time, the two shareholders are recommending a withhold vote for current board members G. Wesley Voorheis, Peter Dey and Brydon Cruise.