Proxy advisory firm supports Tier Technologies slate, rejects dissident nominees

By Lisa Kerner

Charlotte, N.C., March 3 - Tier Technologies, Inc. said RiskMetrics Group/ISS recommended its shareholders support the company's board nominees and reject the slate put forth by dissident shareholder Discovery Group at the annual meeting on March 11.

According to Tier Technologies, the proxy advisory firm said it did not believe Discovery Group "made a valid case for change at the board level."

RiskMetrics recommended that shareholders vote for the election of Charles W. Berger, John J. Delucca, Philip G. Heasley, David A. Poe, and chief executive officer Ronald L. Rossetti, and that shareholders withhold from Morgan P. Guenther and Samuel Cabot III, Tier said.

Rossetti said the company believes in shareholder representation and left two board seats vacant for shareholder nominees, "which is proportional to the dissidents' combined ownership."

Tier Technologies is a Reston, Va., transaction processing solutions company.

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