March 21 (Reuters) - Activist investor Starboard Value
has nominated three candidates to the board of Canadian utility
Algonquin Power & Utilities Corp ( AQNB ), the hedge fund, which
is the single largest shareholder, said on Thursday.
This is Starboard's latest push for changes at the company,
and comes months after it joined activist investor Corvex
Management in urging Algonquin to sell a majority of its
renewable assets to reduce debt and improve earnings.
The company had in August said it was considering a sale of
its renewable energy unit and announced its CEO's resignation.
"The company has made several important changes ... however,
this has not been an easy engagement, with certain influential
members of the board impeding progress and the majority of the
board either passive or complicit," Starboard, which has a 9%
stake, said.
Algonquin said the board's corporate governance committee
would review the proposed nominees. The nominees are Brett
Carter, Chris Lopez and Rob Schriesheim.
The company's shareholder meeting is scheduled for June 4.