Advisors back move on Block

Activist investor Richard Breeden’s quest for seats on H&R; Block Inc.’s board got a boost Monday, as three shareholder advisory firms backed the slate of candidates proposed by the former Securities and Exchange Commission chairman.

Breeden, a hedge fund investor, said Proxy Governance Inc., Egan-Jones Proxy Services and Taft-Hartley Advisory Services urged shareholders to vote for Breeden and two colleagues at the largest U.S. tax preparer’s annual meeting Sept. 6.

Last week, Breeden said he had won the backing of the largest shareholder advisors, Glass, Lewis & Co. and Institutional Shareholder Services.

Breeden has accused H&R; Block, based in Kansas City, Mo., of mismanagement and has called on it to focus on tax preparation and exit underperforming businesses such as sub-prime mortgage lending.

H&R; Block shares fell 20 cents to $19.11.

From Times Wire Services