Proxy Guidelines: Vote For Appraisal Rights (Roundup)

Below is a roundup on 2024 proxy voting guidelines that have come out in favor of appraisal rights. We’ve previously covered that numerous investors support appraisal rights when the issue is at the corporate ballot box. Here are some more proxy voting guidelines in favor of this pro-investor remedy:

Major proxy adviser ISS: “Vote for proposals to restore or provide shareholders with rights of appraisal.”

Boston Partners: “Vote FOR proposals to restore or provide shareholders with rights of appraisal.”

Franklin: “We vote for proposals to restore, or provide shareholders with, rights of appraisal.”

Clearbridge: “We vote for proposals to restore, or provide shareholders with, rights of appraisal.”

J.P. Morgan Asset Management: “Vote for proposals to restore, or provide shareholders with, rights of appraisal. Rights of appraisal provide shareholders who are not satisfied with the terms of certain corporate transactions the right to demand a judicial review in order to determine a fair value for their shares.”

MassPRIM: “Appraisal rights give shareholders the right to receive an independent valuation of a company’s fair value stock price from a court during a merger or asset transaction, and to have the company purchase shares of the stock at this
price. These rights allow shareholders recourse if they believe the price they received from the deal was under fair value. Shareholders may earn statutory interest on the award between the merger and the date the appraisal price is paid.
MassPRIM will generally vote FOR management or shareholder proposals to restore or provide shareholders with rights of appraisal.”

Horizon Mutual Funds (follow ISS): “Vote for proposals to restore or provide shareholders with rights of appraisal.”

New Hampshire Retirement System: “Vote for shareholder proposals to provide rights of appraisal to dissenting shareholders.”