ISS recommends Medallion shareholders vote for board’s director nominees

Medallion Financial announced that leading independent proxy advisory firm Institutional Shareholder Services has recommended that Medallion shareholders vote on the BLUE proxy card “FOR” ONLY the two incumbent candidates nominated by the Board of Directors, Robert Meyer and David Rudnick and “FOR” the advisory vote on the compensation of the Company’s named executive officers in connection with the Company’s 2024 Annual Meeting of Shareholders. The Annual Meeting will be held on June 11, 2024. In its report issued on May 24, 2024, ISS noted: “The company’s TSR has outperformed its peers and the broader market over the one-, three-, and five-year periods ending on the unaffected date…In light of the company’s TSR and operational performance, and the board’s willingness to engage with its shareholders, as evidenced by a recent settlement, incremental changes at the board level do not appear necessary at this time…The company has posted continued growth over the last five years coming out of the taxi medallion crisis and write-off of the associated medallion loan portfolio. The consumer recreation and home improvement portfolios have shown continued growth, and the company’s profitability metrics have recovered, allowing the company to resume returning capital to shareholders via a reinstated dividend and stock repurchases…As there is no case for incremental change at this time, shareholders are recommended to vote FOR all management nominees.”