ISS backs activist investor Kimmeridge's two nominees to PDC board

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May 17 (Reuters) - Activist investor Kimmeridge Energy Management Co said on Friday shareholder advisory group ISS recommended two of its board nominees for PDC Energy Inc , a day after Glass Lewis backed the company's full slate of directors.

Kimmeridge, which owns 5.1% of PDC and is the seventh largest shareholder in oil and gas producer, had nominated three directors to the PDC board. ISS has recommended Kimmeridge founder Benjamin Dell and James Adelson.

ISS was, however, concerned about the potential impact on PDC if Chief Executive Officer Bart Brookman were to be removed from the board, said Kimmeridge.

The company, which has been under pressure from shareholders as have others in the industry for higher expenses and lower returns, stood by its three director nominees.

It is important to highlight that at no point in its report did ISS endorse Kimmeridge's proposed plans for PDC, the oil producer said in its response.

This article appears in: World Markets , Stocks , Oil
Referenced Symbols: CNP ,

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