Proxy firm dismisses Ackman’s advice for ADP shareholders

Proxy advisory firm Institutional Shareholder Services shot down Bill Ackman’s attempt to have it change its voting recommendations for Automatic Data Processing’s shareholders.

In an 18-page letter sent Monday, Pershing Square’s Ackman accused ISS of using “non-public, inaccurate and misleading information” it received from ADP to come to its conclusions.

After reviewing the lengthy letter, ISS said Tuesday that it saw no reason to change course.

“ISS has carefully reviewed the arguments made by Pershing Square in their October 30 letter to ISS and continues to stand by the analysis and conclusions set forth in our October 25 report issued to clients,” it said.

Ackman wants three reps on the ADP board. ISS gave Ackman a weak endorsement — backing just one rep.