Hasbro (NASDAQ:HAS) will hold its annual meeting on June 8.
Activist investor Alta Fox is pushing Hasbro to sell a profitable division and wants board representation. The firm has also has criticized how the company allocates its capital. Proxy firm ISS has recommended that shareholders withhold votes from Ted Philip, who has served on Hasbro’s board for 20 years, while Glass Lewis backed all of Hasbro’s board nominees.
In front of the meeting, Hasbro has stated that capital allocation, including strategic investments and returning excess cash to shareholders is a priority as the company also stays on a path to grow and pay down debt. Shares of Hasbro (HAS) are down 12% on a year-to-date basis.