Business
ARA’s move on Cromwell disingenous: CGI Glass Lewis – The Australian Financial Review
Singaporean investor has failed to provide alternate strategy for Cromwell, despite heavy criticism and bid to win board seats, according to a proxy adviser.
Proxy adviser CGI Glass Lewis has slammed efforts by powerful Singaporean investor ARA Asset Management for representation on Cromwell’s board while also pursuing a partial takeover of the ASX-listed fund manager as “disingenuous”.
The intervention from the well-known proxy house comes in the countdown to the third effort by ARA, Cromwell’s largest investor, to regain a presence on the board through a vote at a shareholder meeting on September 18.
The Singaporean player, which runs its own sta…
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