Leading Proxy Advisory Firm Declares “Change is Warranted” at
Trico, Noting the Company's Poor Performance; Recommends Stockholders
Vote the Blue Card For Both Kistefos Board Nominees and For its Critical
Governance Proposals
RiskMetrics Notes CEO Compofelice “bears significant
responsibility” for Trico’s Performance; Confirms Kistefos Addressed
Jones Act Compliance Issues
Kistefos AS, the largest stockholder of Trico Marine Services, Inc.
(NASDAQ: TRMA), an integrated provider of subsea, trenching and marine
support vessels and services, announced today that RiskMetrics Group, a
leading proxy advisory firm, has recommended that Trico stockholders
vote for both of Kistefos’ director nominees, Christen Sveaas and Ǻge
Korsvold, at the Company’s upcoming Annual Meeting of Stockholders on
June 10, 2009. Additionally, RiskMetrics advises stockholders to vote on
Kistefos' revised BLUE proxy card FOR all but one of Kistefos' proposals
in order to ensure meaningful stockholder representation on the Board
and greater management accountability at Trico Marine.
In its report, which was issued on June 2, 2009, RiskMetrics states that
Kistefos’ candidates “are both highly educated, skilled and experienced
as evidenced by over 60 years combined business experience, and board
experience serving enterprises with global operations. And, in addition
to having vast knowledge of this industry, both nominees have extensive
entrepreneurial and turnaround experience that we believe will bring new
ideas and a fresh perspective to the board.”
RiskMetrics notes that Chairman and CEO Joseph Compofelice, in contrast,
“bears significant responsibility for the company’s poor financial and
governance practices as its governing and operational leader.”
Consistent with the report issued earlier by Glass Lewis & Co.,
RiskMetrics also identified Trico’s Pay-for-Performance policy as an
issue, noting that it would continue to monitor Trico’s policies going
forward.
Echoing Kistefos’ ongoing concerns, RiskMetrics said, “Due to the
sustained share price underperformance, the deteriorating financial
metrics and the supportive market reaction to the dissident events, we
conclude that change is warranted.”
“We are very gratified to receive such overwhelming support from
RiskMetrics for our proposals,” said Age Korsvold, CEO of Kistefos.
