Cape Fear cites proxy advisory firms' support for company's director nominees

By Lisa Kerner

Charlotte, N.C., Aug. 13 - Cape Fear Bank Corp. said RiskMetrics Group/ISS did not recommend supporting the full slate of dissident nominees for election to the company's board of directors on Aug. 19.

However, the proxy advisory firm did recommend two of the dissident nominees, which Cape Fear said was not surprising given RiskMetrics' record of supporting dissident minority slates in the majority of election contests.

It was previously reported that Cape Fear investor Maurice J. Koury put forth a slate of nominees for election, citing the current board's "ineffective stewardship."

Cape Fear chairman and chief executive officer Cameron Coburn said the full Koury dissident slate likewise failed to receive a recommendation from Glass Lewis & Co. But, the proxy adviser similarly recommended voting for only two of Koury's nominees.

Koury reported an 8.82% stake in the Wilmington, N.C., bank holding company on July 9.

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