Egan-Jones Proxy Services has recommended that shareholders of Victoria's Secret & Co. vote in favor of all management director nominees during the 2026 Annual Meeting. This recommendation comes in light of a campaign by BBRC International Pte Limited, which holds a 13.0% stake and is urging shareholders to withhold support from Board Chair Donna James due to governance and capital allocation concerns. Egan-Jones acknowledges past criticisms but emphasizes that the current board has initiated a credible turnaround, particularly since Hillary Super's appointment as CEO in August 2024. Under her leadership, Victoria's Secret has realized a 141% total shareholder return, significantly outperforming market peers. The company reported $6.553 billion in net sales for fiscal 2025, reflecting a 5% increase in comparable sales, marking a return to growth after years of stagnation. Egan-Jones also notes that BBRC has not proposed a strategic alternative that surpasses the current plan, indicating that while historical concerns are valid, they do not detract from the company's improving performance and trajectory.