By Svea Herbst-Bayliss

NEW YORK, (Reuters) – Egan-Jones Proxy advisory firm recommended that Kohl Corp shareholders vote for four of the 10 nominees to the board nominated in Macellum Advisors’ activist investment fund Macellum Advisors. This is because Kohl Corp may be selling its department store.

Egan-Jones stated that shareholders should support Jeffrey Kantor and Pamela Edwards and Francis Ken Duane, Macellum’s portfolio manager and founder, and that Macellum has not adequately addressed its underperformance.

“The board’s lack of commitment to value creation hinders the opportunities for growth and consideration of strategic alternatives that could be in the best interests of the Company and its shareholders,” the report, seen by Reuters, said.

It stated that “There’s an urgent need to change the culture of the boardroom in order to end the current trend towards underperformance” and instead focus on unlocking shareholder wealth.

At the annual meeting of Kohl’s shareholders (NYSE:), scheduled for Wednesday, May 11, Kohl’s will hold a vote for its directors.

The representative of Kohl’s didn’t respond to my request to comment. A Macellum representative, however, declined to comment.

Previously, Institutional Shareholder Services(ISS), Egan-Jones’ much larger competitor, suggested that investors support two Macellum nominees: Jeffrey Kantor or Pamela Edwards.

After Macellum’s and other partners reached an agreement to end a similar dispute last year, this year’s vote will be taken. Two of the nominees for board positions were given to hedge funds in return. A third independent director was added to the company’s board of directors.

Macellum says Kohl’s has not done enough to transform its business, and is pushing the board to buy the company. According to the company, it had met more than 20 possible buyers.