(Reuters) - Two proxy advisers, Glass Lewis and Institutional Shareholder Services (ISS), have recommended that shareholders of Boeing Co (BA.N) vote against key board members of the planemaker to show objections to the company’s handling of the 737 Max crisis.
Glass Lewis recommended that at Boeing’s annual meeting on April 27 shareholders vote against Larry Kellner, the chairman of its board who previously oversaw the board’s audit committee.
“We believe the audit committee failed to mitigate the risk posed by management’s decisions and should be held accountable for its oversight,” Glass Lewis said in its recommendation.
In a separate recommendation, ISS advised shareholders to vote against four longtime board members - Arthur Collins, Edmund Giambastiani, Susan Schwab and Ronald Williams - who had served when the 737 MAX was being developed and rolled out.
ISS also said that a vote for newly named Boeing Chief Executive David Calhoun is “warranted, with caution” and that he will need to show that he can be an “effective leader of cultural change” at the company.
The recommendations, issued earlier in April and viewed by Reuters, were reported first by the Wall Street Journal on Friday.
A Boeing spokesman said the planemaker is continuing to learn from the 737 Max crashes and is taking actions to rebuild trust.
Proxy advisers recommend how investors should vote in corporate elections and cast ballots on behalf of some asset managers. The role of proxy advisers has gained more attention in
