Cybersecurity » ISS Advises Vote Against Equifax Directors

ISS Advises Vote Against Equifax Directors

April 17, 2018

Institutional Shareholder Services has recommended that investors oppose the re-election of five Equifax directors. They all served on the company’s audit and technology committees prior to a 2017 data breach. Equifax says hackers stole names, Social Security numbers, birth dates, addresses, driver’s license and credit card numbers of more than 147 million people. In a report to shareholders, ISS says the company’s reputation and shareholder value are damaged by the extent of the breach and the company’s slow response. Equifax is facing lawsuits related to the cybersecurity breach by consumers and financial institutions. It disputes the claims and has said it intends to defend against them. It admits that breach-related costs could reach $439 million. The company has lost 19 percent of its market value since the breach. Its annual meeting is scheduled for May 3.

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