07:05 AM EDT, 03/22/2024 (MT Newswires) -- Algonquin Power & Utilities Corp. ( AQNB ) on Friday said it will review director nominations made by Starboard Value LP, its largest shareholder with a nearly 9% stake, in accordance with company guidelines.

This comes after Starboard late Thursday afternoon said it had nominated three candidates to join the board of the Canadian utility.

Algonquin's board will present its formal recommendation to shareholders in its management information circular to be filed with the Canadian securities regulatory authorities and the Securities and Exchange Commission.

"Algonquin maintains open communications with its shareholders and appreciates constructive input that advances its goal of enhancing shareholder value," the company said in its statement.