Reuters
An adviser to union pension funds that are invested in Equifax Inc. is calling on the credit-reporting company’s shareholders to vote against re-election of three board members, including the chairman, saying the company wasn’t prepared to fend off a massive cyberattack last year.
CtW Investment Group, in a letter sent to shareholders on Wednesday, said nonexecutive Chairman Mark Feidler and longtime board members John McKinley and Mark Templeton failed to act on repeated warnings of cybersecurity issues at Equifax before its breach, which compromised the personal information of nearly 148 million U.S. consumers.
The letter also said the three board members failed to develop a comprehensive crisis-management plan after the breach, a failure that further damaged the company’s reputation.
Equifax EFX, -0.57% said in a statement that its board “has a longstanding track record of productively engaging with and acting in the best interest of its shareholders. The company is making necessary, strategic investments to strengthen its cybersecurity infrastructure and to rebuild trust with consumers and customers.”
An expanded version of this report appears on WSJ.com.
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