On August 24, 2020, ARYZTA AG announced that Institutional Shareholder Services Inc. (ISS), a proxy advisory firm, has recommended for the Company’s proposed Chair, Andreas G. Schmid. The Company also stated that ISS has recommended against the removal of Kevin Toland and Annette Flynn as members of the Board of Directors. The Company stated that ISS has recommended for 2 of the shareholder group’s nominees, Urs Jordi and Heiner Kamps to join the Board as directors.