In a July 28 letter, Sallie Mae managers urged shareholders to reject a critical report issued last week by Institutional Shareholder Services, an independent proxy advisory firm.

"You should know that the latest ISS opinion is replete with errors and is so unbalanced that we believe it calls into question its very basis," wrote Sallie Mae president and chief executive Lawrence A. Hough and designated chairman David J. Vitale.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.