Proxy adviser ISS backs activist shareholder’s proposal for Toshiba probe

Proxy adviser Institutional Shareholder Services Inc (ISS) on Wednesday recommended that Toshiba Corp shareholders vote for Effissimo Capital Management’s proposal for an independent probe into the firm’s annual shareholder meeting (AGM) last year, two sources said.

However, ISS recommended against U.S. hedge fund Farallon Capital Management’s proposal for a vote on the company’s investment strategy, according to the sources, who declined to be identified because the information is not public. Reuters