TORONTO (Reuters) - A holding company withdrew its nomination of a dissident slate of directors for Martinrea International Inc on Wednesday, saying it wants to first resolve outstanding issues with the Canadian auto parts maker.
Nat Rea, president of Toronto-based holding company Rea Holdings Corp, and a former executive at Martinrea, had urged investors to replace the bulk of Martinrea’s eight-member board at its June 19 annual meeting with five new nominees, including a one-time Magna International executive.
But the group failed to get any support from proxy advisory firms Glass Lewis & Co and Institutional Shareholder Services, the Globe and Mail newspaper reported on Tuesday.
Rea, whose holding company owns 100,000 Martinrea shares, or 0.1 percent of the total, said in a statement that he would continue his fight for shareholder rights from outside the director’s suite. He did not specify what outstanding issues he wants to resolve.
Vaughan, Ontario-based Martinrea manufactures a range of auto parts for North American, European and Asian carmakers, such as engine blocks and fuel tanks.
Reporting by Susan Taylor; Editing by Richard Chang