Brothers Lead Showdown With US Gas Giant
EQT’s board slate has the backing of proxy advisory firm Glass Lewis & Co., as well as the five independent board candidates supported by both EQT and the Rice group.
Regardless of the outcome of the proxy battle, the dispute underscores how explorers are struggling to attract capital amid concerns about profitability, according to Katie Bays, co-founder of Washington-based consulting firm Sandhill Strategy.
“The proxy fight with EQT could ultimately be a negative for the industry overall,” Bays said in a July 3 interview. “You create an Icarus problem where companies get bigger, they fly closer to the sun and they get more scrutiny from investors.”
--With assistance from Scott Deveau and Ryan Collins.
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