Burford Capital Limited issued a statement on April 28, 2025, in response to Institutional Shareholder Services (ISS) recommending against the re-election of directors Christopher Halmy and Robert Gillespie. ISS cited 'ineffective internal control over financial reporting since FY2021' as the basis for its recommendation.
Burford stated that ISS's analysis conflated two distinct matters: modifications to Burford's valuation approach, which increased valuations following SEC engagement, and a current material weakness related to a lack of evidence for management's review of fair value assumptions. The company emphasized that the material weakness did not result in misstatements to its consolidated financial statements.
Burford highlighted that Mr. Halmy was not on the Board of Directors in 2021, the period cited by ISS for ineffective controls. The company also noted that Glass Lewis, another proxy advisory firm, supported the re-election of both directors, underscoring the differing views on the matter. Burford urged shareholders to disregard the ISS recommendation and re-elect the directors, citing their qualifications and contributions.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.