Proxy advisor ISS backs Starboard candidates GCP proxy fight -report

BOSTON, May 15 (Reuters) - Proxy advisor Institutional Shareholder Services Inc (ISS) said on Friday that GCP Applied Technologies investors should elect six of hedge fund Starboard Value’s eight director nominees to the chemical company’s board.

ISS said that GCP is “in need of a comprehensive turnaround plan that can be effectively executed by management and overseen by the board,” and said Starboard has laid out a plan and has experienced executives on hand to help put it into action.

In an unusual step, ISS recommended that Starboard get control of the board, saying it took the step because the company’s board appears to be resisting outside perspective.

Reporting by Svea Herbst-Bayliss; Editing by Sandra Maler