Proxy advisory firm Egan-Jones Proxy Services recommended that shareholders of Americold Realty Trust (NYSE: COLD) withhold votes from seven of ten directors at the company's annual meeting on May 18, 2026, according to a statement from shareholder Sieve Capital.

The recommendation targets Chairman Mark Patterson and Director Andy Power, along with directors Kelly Barrett, Robert Bass, Antonio Fernandez, Pamela Kohn and David Neithercut. Egan-Jones cited concerns about sustained shareholder underperformance and governance issues in its analysis.

According to Egan-Jones, Americold's one-year total shareholder return as of April 29, 2026 was approximately -34%, while its five-year total shareholder return was approximately -62%. The proxy advisory firm noted that these figures underscore "the extent and persistence of underperformance."

Sieve Capital, which holds shares in Americold, has been campaigning against the reelection of Patterson and Power. The investment firm's presentation highlights concerns about the company's capital allocation decisions, elevated leverage, and board governance practices.

In its report, Egan-Jones stated that "many of the concerns raised in the ongoing campaign are consistent with issues identified under our own analytical framework." The firm applied its proxy voting guidelines regarding sustained total shareholder return underperformance and related governance considerations in making its recommendation.

Egan-Jones also pointed to what Sieve Capital characterized as ineffective capital deployment, board interlocks, leadership stability issues, and the board's approach to evaluating strategic alternatives as additional factors in its analysis.

The recommendation represents a significant challenge to Americold's current board composition, with the proxy advisor suggesting shareholders withhold support from a majority of directors up for reelection.