Providence Service's nominees backed by third proxy advisory firm

By Lisa Kerner

Charlotte, N.C., June 8 - RiskMetrics Group/ISS recommended that Providence Service Corp. shareholders vote for the company's director nominees - chairman and chief executive officer Fletcher Jay McCusker and Kristi L. Meints - at the company's annual meeting on June 15.

Two other proxy advisory firms, Proxy Governance, Inc. and Glass, Lewis & Co., made the same recommendation last week, a Providence news release said.

As previously reported, Avalon Group is seeking Providence shareholder support for the election of Michael C. Bradley Jr. and retired U.S. Navy captain Brian T. Costello to Providence's board. The group is led by Avalon Correctional Services, Inc. and its CEO, sole director and controlling stockholder, Donald E. Smith.

"Regarding the dissident nominees, we note that neither appears to have industry relevant backgrounds or experience serving on public company boards," RiskMetrics said in its report, according to Providence.

Providence said the RiskMetrics report noted that the company's recent addition of Terence J. Cryan to its board "may satisfy the need for greater shareholder representation."

Oklahoma City-based Avalon owns and operates private community correctional facilities and correctional programming.

Providence is a Tucson-based provider of home- and community-based social services to government-sponsored clients under programs such as welfare, juvenile justice, Medicaid and corrections.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.