Lifeway Foods Inc., a prominent U.S. supplier of kefir and fermented probiotic products, recently encountered shareholder activism led by Ludmila and Edward Smolyansky and their aligned group. The dissident group initiated a consent solicitation, aiming to secure a majority of board seats. However, Institutional Shareholder Services Inc. (ISS), an independent proxy advisory firm, advised shareholders against voting in favor of the proposals put forth by the dissidents. ISS's analysis highlighted that Lifeway's financial performance had been positive, with significant shareholder returns outperforming peers. ISS also noted that the dissident group did not provide a clear plan for governance or operational improvements and included nominees with previous governance concerns at the company. Julie Smolyansky, CEO and Chair of Lifeway Foods, expressed appreciation for ISS's recommendation, supporting the management's view that the solicitation was unwarranted and disruptive to the company.