Marcato Capital Seeking Four Board Seats At Buffalo Wild Wings

To what extent is crony compensation a vote winner – or loser, for that matter?

That’s the question arising from Marcato Capital Management’s latest presentation on Buffalo Wild Wings – the restaurant franchise where the activist is seeking four of the nine board seats up for grabs at this year’s annual meeting – and other proxy fights where dissidents have tried to demolish management’s credibility by focusing on compensation issues.

Buffalo Wild Wings

In slides published earlier this week, Marcato discussed the lack of open market share purchases by management and directors and apparent abuse of the company’s employee stock purchase plan (ESPP), with CEO Sally Smith apparently buying shares...