Egan-Jones Recommends “withhold” Vote From Adobe Board Chairman Because of Cybersecurity Issues

Press Release ( - PHILADELPHIA - Mar 23, 2018 - Haverford, PA – Egan Jones Proxy Services (EJP) released a report calling for a “withhold” vote for the Board Chair of Adobe Systems Incorporated [ADBE], Shantanu Narayen, due to a poor Cybersecurity Rating and Board Rating.

Historical observations of the firm’s internet presence by our cybersecurity partner show several significant and ongoing concerns in regards to cybersecurity at the company. Egan-Jones will generally recommend a “withhold” vote for a Board Chair when the company receives the lowest Cybersecurity Score as is the case here.

Additionally, we are recommending “withhold” votes for members of the Compensation Committee currently up for nomination due to an overly dilutive proposed compensation plan. Egan-Jones recommends shareholders vote “against” the “Approval of the Adobe Systems pseli Incorporated 2003 Equity Incentive Plan.”

Several other non-diverse Directors received a negative recommendation due to an excessively long tenure on the Board and membership in key Board committees. According to Egan-Jones’ Proxy Guidelines, a director whose tenure on the Board is 10 years or more is considered affiliated and should not be appointed to key Board committees, with the exception of diverse nominees.

For questions on this or any other EJP reports please contact Kevin McManus, Vice President and Director of Proxy Services, using the contact details below.


Kevin McManus

Vice President and Director of Proxy Services
Egan-Jones Proxy Services
61 Station Road
Haverford, PA 19041

Source : Egan-Jones Proxy Services

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