Glass Lewis Backs Two PVG Nominees for Anavex Board

Management
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Summary · why it matters

Proxy advisory firm Glass Lewis said Anavex Life Sciences shareholders should vote for two of PVG Asset Management's director nominees, Curtis Hogue and Jason Kolbert, while advising against incumbent Chairman Jiong Ma and incumbent director Claus van der Velden. In its report, Glass Lewis recommended replacing Ma and van der Velden in favor of novel candidates with more relevant expertise, fresh perspectives and, critically, no evident responsibility for the circumstances giving rise to Anavex's strategic missteps, regulatory headwinds, dubious governance architecture and substantial trading declines. PVG Asset Management President Patrick S. Adams said stockholders should insist that this board finally have skin in the game and elect all six PVG nominees, who are committed to requiring meaningful stock ownership for all directors and officers as part of the plan to restore and maximize shareholder value. PVG's other four nominees are Adams, John Boris, Rene Mora, and Ralf von Ziegesar. Institutional Shareholder Services, another proxy advisory firm, recently advised voting for Anavex's proposed slate of six nominees.

Impact on stocks 1

Biotech & Genomic Medicine▼ · 1 stocks
Anavex Life Sciences Corp
AVXL
▼ NegativeRegulationrelevance

Glass Lewis backs two PVG nominees and advises against incumbent Chairman Ma and director van der Velden, citing Anavex's strategic missteps, regulatory headwinds and governance failures.

Off-coverage companies 2

PVG Asset Management, LLCPrivate▲ Positive
Regulationrelevance

Glass Lewis supports two of PVG's director nominees and PVG pushes for all six, advancing its proxy campaign to reshape Anavex's board.

Institutional Shareholder Services Inc.Private± Mixed
Regulationrelevance

ISS is mentioned only as having advised voting for Anavex's proposed slate, a passing comparison to Glass Lewis's opposing recommendation.

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