BOSTON — Proxy advisers Institutional Shareholder Services Inc (ISS) and Glass, Lewis & Co on Thursday recommended that Toshiba Corp shareholders elect all company directors, dealing a blow to two activist investors pushing to add five newcomers. ISS and Glass Lewis each backed the Japanese conglomerate's 12 board members and said shareholders should vote against hedge fund Effissimo Capital Management's three proposed directors, including one of the fund's partners, and against 3D Opportunity Master Fund's two candidates. Shareholders will vote at Toshiba's annual meeting scheduled for July 31 and many investors follow the proxy advisers' recommendations. "The recently reconstituted board is appropriately focused on the key issues impacting Toshiba, and therefore, additional change at the board level does not appear necessary at this time," ISS said in its report.

Source: International New York Times July 16, 2020 21:50 UTC