US hedge fund Farallon says will vote for activist-backed Toshiba board nominees

US hedge fund Farallon says will vote for activist-backed Toshiba board nominees

TOKYO: U.S. hedge fund Farallon Capital Management said on Wednesday it would vote for nominees to Toshiba Corp's board backed by activist funds, intensifying a proxy fight between the Japanese industrial and activist shareholders.

Effissimo Capital Management, its top shareholder with a 15per cent stake, is calling for Toshiba to elect an Effissimo co-founder and two others as outside directors, while 3D Opportunity Master Fund is seeking the election of two candidates it is nominating.

Farallon, a major Toshiba shareholder, said in a statement it "believes that it is important that Toshiba seek to further strengthen its corporate governance framework in the interests of all stakeholders.

(Reporting by Makiko Yamazaki;Editing by Elaine Hardcastle)

Source: Reuters

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