Keweenaw Land's director nominees backed by two proxy advisory firms

By Lisa Kerner

Charlotte, N.C., June 11 - RiskMetrics Group/ISS and Glass, Lewis & Co. recommended that Keweenaw Land Association Ltd. shareholders vote for the company's board nominees, James P. Totten and David E. McDonald Sr., at Keweenaw's annual meeting on June 23, the company said.

The proxy advisory firms recommended that Keweenaw shareholders vote against a dissident proposal to require the company to register under the Securities Exchange Act, a Keweenaw news release said.

Keweenaw urged its shareholders on Monday to reject dissident shareholder nominees Ronald S. Gutstein and Scott Frisoli, citing their lack of industry-specific experience.

According to Keweenaw, RiskMetrics said its analysis indicates that Keweenaw's management "continues to operate the company for long-term appreciation of its timber and mineral assets."

Glass Lewis said in its report that the dissident "has again failed to show that the current board has mismanaged the company or failed to create shareholder value," according to the Keweenaw news release.

Keweenaw is an Ironwood, Mich.-based natural resource company that engages in the ownership and management of mineral rights and timberlands.

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