Greenway Partners Ltd, the New York investment firm which is the largest holder of common stock in Unisys Corp, says that independent proxy firm Institutional Shareholder Services (ISS) has not endorsed its proposal for a spinoff of Unisys’ floundering computer hardware and software business. Greenway, which has a 4.6% stake in Unisys, has proposed the spinoff for the past two years at shareholders’ meetings (CI No 3,112) in response to poor results with Unisys’ current business structure. Although it doesn’t back the spinoff, the ISS recommends a proposal calling for changes in the company’s classified board structure and the annual election of directors.
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