ISS is urging Post shareholders to vote for the existing executive slate and against former chairman John A. Williams, who is taking out full-page advertisements to promote his corporate candidates. The ISS report suggests the sale of Post is "more likely, if Williams wins."

Goddard hails the ISS statement as strong ammunition for his team in the proxy fight. "ISS correctly found that the true issue in this proxy contest is, 'which team is more likely to create value for shareholders in the future?'" Goddard says, "their answer was Post's current board and management."

He says the ISS vote of confidence of Post management is important because ISS is "recognized as the nation's leading independent proxy voting and corporate governance advisory firm."