05:55 PM EDT, 03/21/2024 (MT Newswires) -- Algonquin Power & Utilities ( AQNB ) shareholder Starboard Value said late Thursday it has nominated three candidates for election to the company's board at its annual shareholder meeting, scheduled for June 4.

Starboard said it holds a roughly 9% stake in Algonquin, making it the company's largest shareholder. Its director nominees are Brett Carter, Chris Lopez, and Rob Schriesheim.

Starboard alleged, among other things, that Algonquin's stock has "drastically underperformed" its peers due to the current board's "value-destructive" decisions.

Algonquin didn't immediately respond to MT Newswires' request for comment.

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