Shamrock to withhold votes, seeks changes to Magellan Health's board

By Lisa Kerner

Charlotte, N.C., May 11 - Magellan Health Services, Inc. shareholder Shamrock Capital Advisors, Inc. said it will vote 'withhold' on all of the company's directors standing for election this year.

Shamrock, in a Monday letter to Magellan's board, said the company has several significant corporate governance weaknesses and asked that the board improve these deficiencies.

Magellan's governance weaknesses, according to Shamrock, include:

• A classified board;

• A plurality voting standard for director elections; and

• Combined chairman and chief executive officer positions.

The shareholder also requested a meeting with Magellan's full board or governance committee members "to discuss how shareholder value may be enhanced through improved corporate governance practices."

Shamrock owns 1,295,686 shares, or 3.7%, of the Farmington, Conn. behavioral health-care treatment services provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.