TOMS Capital Investment Management, described as one of the largest shareholders of Voya Financial, Inc. (NYSE: VOYA), issued a statement criticizing the company's management and board of directors.

TCIM stated that Voya has "deeply impaired its earnings multiple due to the lack of urgency and indecisiveness of management and the Board of Directors, particularly around the stop-loss business." The investment firm said this has "eroded credibility with both Voya's investor base and the research community."

The shareholder referenced recent transactions involving Janus Henderson and Schroders, which were sold at what TCIM described as "significantly higher multiples." TCIM suggested there is "scarcity value and strategic interest for assets like Voya that have scale and drive inflows."

In its statement, TCIM encouraged "any interested parties to contact the Board of Directors directly," according to the press release issued by the investment management firm.

Voya Financial is a financial services company that provides retirement, investment and insurance solutions.