Daily News

View All News

ADP files preliminary proxy statement amid conflict over board seats

August 23, 2017

ADP (NASD: ADP) announced yesterday it filed a preliminary proxy statement the US Securities and Exchange Commission in connection with its upcoming annual meeting as hedge fund Pershing Square Capital continues its push to get three of its own nominees elected to the board.

The proxy statement does not include Bill Ackman or Pershing Square’s other nominees; ADP’s board previously decided not to include the nominees. The statement does include a detailed timeline of the relationship between ADP and Pershing Square.

Earlier this week, Pershing Square held a conference call with a presentation on how ADP could improve. CNBC covered the conflict.