Proxy advisers ISS, Glass Lewis back all Toshiba director nominees

By Makiko Yamazaki

TOKYO (Reuters) -Two influential proxy advisers have each really useful voting for the appointment of all Toshiba Corp director nominees together with two from activist shareholders, regardless of objection to the transfer from inside the board.

Proxy advisers Institutional Shareholder Companies Inc (ISS) and Glass Lewis backed all 13 candidates together with these from Elliott Administration and Farallon Capital Administration, based on their reviews issued by Tuesday.

The suggestions come regardless of objection by exterior director Mariko Watahiki, who has stated having the 2 shareholder representatives would skew the board towards activist traders.

Shareholders will vote at Toshiba’s annual assembly scheduled for June 28 and lots of non-Japanese institutional traders usually observe the proxy advisers’ suggestions.

ISS stated in its report that the considerations raised by Watahiki “are usually not thought of to rise to a degree that may justify voting in opposition to” the executives from Farallon and Elliott. The 2 funds personal about 10% of Toshiba.

It additionally stated the board is majority unbiased and the affiliated outsiders’ presence on the board “can’t be considered detrimental”.

Glass Lewis stated it seen the shareholder nominees very favourably. They’re “anticipated to mirror a negotiated turning level for Toshiba” as the corporate embraces exterior, shareholder-centric views at a time when it’s evaluating strategic options, it stated.

It additionally stated {that a} lack of board-level unanimity “isn’t, by itself, inherently problematic” and would counsel there was a wholesome alternate of views.

(Reporting by Makiko Yamazaki, Modifying by Louise Heavens and Muralikumar Anantharaman)