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Mack-Cali Realty at odds with proxy advisory firms regarding director election

Mack-Cali Realty Corp. urged its shareholders to back its board at its upcoming annual meeting and dismiss various recommendations made by Institutional Shareholder Services, or ISS, and Glass Lewis & Co. LLC.

ISS has recommended that shareholders withhold votes for the current members of Mack-Cali's governance committee comprising Kenneth Duberstein, Alan Philibosian, Irvin Reid and Vincent Tese. Meanwhile, Glass Lewis has recommended that the stockholders withhold votes for Tese, arguing that he is "overboarded," a claim which Mack-Cali disagrees with.

The company also disagrees with ISS's recommendation that the absence of a provision allowing shareholders to amend company bylaws is a governance failure that would warrant withholding votes for the members of the governance committee.

The company, therefore, urged its shareholders to vote for the re-election of all the current directors, including the members of the governance committee, at its June 9 annual meeting to serve for another one-year term.