Gamco Investors Proxy Access Campaign Turned Out To Be A Flop

A couple of weeks ago I wrote about how Gamco Investors had become the first activist, nay, the first shareholder to file a proxy access nomination.

On Monday that campaign turned out to be a flop. Faced with a vigorous defense, Gamco’s nominee withdrew his name from contention and in a two-line summary of its position filed via a Schedule 13D, Gamco said it “will not pursue proxy access.”

Gamco Investors

The episode was revealing, despite its brevity, for several reasons. Activists are not expected to use proxy access in great numbers, but the approach of National Fuel Gas suggests issuers have no intention of allowing them to do so...