ISS Recommends Mill Road's Director Nominees

GREENWICH, Conn.--()--Mill Road Capital Management, LLC (“Mill Road”) today announced that Institutional Shareholder Services (“ISS”), the leading independent proxy advisory firm, has recommended that Ecology & Environment (NASDAQ:EEI) (“EEI”) shareholders vote “FOR” both of Mill Road’s director nominees in connection with EEI’s Annual Meeting on April 20, 2017.

In its April 4, 2017 report, ISS stated:

ISS on Is Change Warranted?

Mill Road has presented a compelling case that additional change is needed at the board level. The company's stock has underperformed sharply for several years. The company's revenues continue to fall, leading to weak profits and returns on capital. At the same time, EEI appears ready to start acquiring other companies, despite no recent history of M&A. Unaffiliated (Class A) shareholders have had little say in the company, despite a larger economic stake. It seems appropriate to have Class A shareholder oversight, especially with this new strategy.

ISS on Company Nominees:

The board's Class A nominees appear less compelling. Mill Road's concerns about how independent Betrus truly is seem well founded, as Betrus' former supervisors at EEI are now Class B directors. Management nominee Untracht has six years' experience as a director of a publicly traded consulting company. However, his experience and relevance appear less strong than that of either Mill Road nominee.

ISS on Mill Road Nominees:

Justin Jacobs brings a strong, direct interest in improving shareholder value. Michael El-Hillow brings valuable experience as an executive and a board member at public companies. These nominees appear likely to also bring more diverse viewpoints, which may help reverse the company's revenue decline and stock underperformance. Votes FOR Mill Road nominees Jacobs and El-Hillow on the GREEN card are therefore warranted.

Mill Road urges shareholders to vote "FOR" Mill Road’s highly qualified nominees, recommended by ISS, by signing, dating and returning the GREEN proxy card.

Note: Permission from ISS neither sought nor obtained in quoting report.

About Mill Road Capital

Mill Road Capital is a private investment firm focused on investing in and partnering with publicly traded micro-cap companies in the U.S. and Canada. The firm has flexible, long-term capital with the ability to purchase shares in the open market, buy large block positions from existing shareholders, provide capital for growth or acquisition opportunities, or execute going-private transactions. The firm has raised approximately $670 million of aggregate equity capital commitments and has offices in Greenwich, CT and the San Francisco Bay Area. More information can be found at


John Glenn Grau, 203-972-9300

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Release Summary

Leading Proxy Advisory Firm ISS Recommends EEI Shareholders Vote "FOR" Both of Mill Road’s Class A Director Nominees

Mill Road Capital Management, LLC