Proxy firm Glass Lewis was left unimpressed by Research In Motion Ltd's promise to study board changes while avoiding an imminent shareholder vote on the matter.
The BlackBerry maker last week succumbed to shareholder pressure, supported by Glass Lewis and another major proxy firm, saying it would form a committee to report back by early next year on whether co-CEOs Mike Lazaridis and Jim Balsillie should also retain roles as co-chairmen.
In turn, activist shareholder Northwest and Ethical Investments withdrew a proposed vote that would have been held at RIM's July 12 annual meeting.
In an update to its initial report supporting a split, Glass Lewis said it was time for action, not further study.
In short, we believe the proposed committee will be of limited utility in advancing the establishment of independent board oversight, Glass Lewis analysts wrote in a report.
(Reporting by Alastair Sharp; editing by Andre Grenon)