ADP says Ackman’s claims it misled ISS are false
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October 31, 2017(Reuters) – Automatic Data Processing Inc rejected as “false and misleading” on Tuesday the accusation by billionaire investor William Ackman that the company had made incorrect statements to a proxy adviser.
“ADP has not disclosed any material non-public information in its meetings with ISS or any other party,” the company said, adding that it would file a complaint with the Securities and Exchange Commission (SEC).
Ackman on Monday accused ADP of providing misleading and incorrect claims to Institutional Shareholder Services and asked the proxy advisory firm to reconsider its recommendation that shareholders largely vote for the company’s slate.
Ackman hopes to win three seats on the board of the human resources outsourcing company in a vote next week. ISS has supported Ackman’s election.
Reporting by Munsif Vengattil in Bengaluru; Editing by Savio D’Souza