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Starboard Value nominates three candidates to Algonquin Power's board
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Starboard Value nominates three candidates to Algonquin Power's board
Mar 22, 2024 4:32 AM

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.

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