Advisory service ISS endorses Browning West’s proposed slate of directors for Gildan

Dissident shareholders in Gildan Activewear Inc. won a ringing endorsement on Friday from Institutional Shareholder Services Inc., with the adviser recommending investors back fund manger Browning West’s bid to reinstate Glenn Chamandy as the clothing manufacturer’s leader.

The advisory service, an influential voice with index fund managers that own a significant stake in Gildan, said investors should vote for Browning West’s slate of directors at the Montreal-based company’s annual meeting on May 28, a move that would see Mr. Chamandy return to the job he held for the past 20 years. ISS recommended investors withhold their votes for the existing Gildan board, including Mr. Tyra.

“Chamandy’s track record over several decades appears far less complicated than the rationale to push him out,” said ISS in a report on Friday. “It is also clear the board arrived at a choice that did not incorporate the views of a sizable contingent of shareholders which elected them, a sign that priorities may have been misaligned.”

In endorsing Browning West’s slate, ISS said the fund manager recruited directors “with extensive experience in succession planning, and perhaps equally importantly, experience working with long-time founders.”

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