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Proxy Advisers Back Toshiba Board Slate, Including Activists

  • ISS, Glass Lewis recommend in favor of all director candidates
  • One Toshiba director had opposed activist board nominees
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Two influential proxy advisers recommended that stock owners vote to elect all director candidates proposed by Toshiba Corp.’s board at the upcoming annual meeting, including two representatives of the company’s activist investors.

Investors should vote in favor of the election of Eijiro Imai and Nabeel Bhanji, who hail from activist shareholders Farallon Capital Management and Elliott Management Corp., Institutional Shareholder Services Inc. and Glass Lewis & Co. said in separate reports. Neither person’s presence on the board can be considered detrimental, ISS said.