Proxy advisor Glass Lewis recommends KT&G investors re-elect company directors

NEW YORK : Proxy advisor Glass Lewis on Friday urged investors in Korean tobacco conglomerate KT&G to re-elect the company's directors, recommending against candidates and proposals presented by two activist investment firms.

The two investment firms, which are not working together, are both pushing the company to announce bigger dividends and additional share buybacks, spin off the ginseng business, and optimize its balance sheet. Glass Lewis' report contrasts with that of its larger rival, Institutional Shareholder Services , which urged investors to elect director candidates nominated by the activist investors and support their proposals to return more cash to shareholders.

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