Sun Pharmaceutical Industries’ attempts to take over Israeli drug major Taro Pharmaceutical is gaining more support from independent advisory firms. RiskMetrics Group’s ISS Governance Services (RMG), an independent proxy advisory firm, has recommended that shareholders of Taro Pharmaceutical Industries vote against all the proposals made by Taro’s board of directors, including all of its nominees for election and re-election as directors in the upcoming Annual General Meeting (AGM) scheduled for December 31, Sun Pharma said in a press release.
Investment advisories Proxy Governance and Glass, Lewis & Co had earlier also recommended the shareholders of Taro Pharmaceutical Industries to vote against all of the proposals.
Proxy advisory firms in the US offers consultancy services on corporate shareholders voting.
The Taro management proposes three resolutions to re-elect eight directors, nominate two external directors and grant special privileges for certain of its current and former directors, in the AGM.