REUTERS: Proxy adviser Glass Lewis & Co has recommended that investors in natural gas producer EQT Corp vote in favor of the company's board nominees, putting it at odds with another proxy advisory firm which recommended voting in favor of a competing slate of directors proposed by Toby and Derek Rice.
The Rice brothers were part of the founding team at Rice Energy, which was bought by EQT in November 2017. They say EQT management is responsible for the company's underperformance since the deal, and have pushed for an overhaul of its board. "EQT believes shareholders should question the merit of a 3per cent shareholder seeking to be CEO and replace management and a majority of the board," the company said in a statement.Glass Lewis also said management should be given a reasonable amount of time by the shareholders to achieve targets before seeking further changes.
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