SAN FRANCISCO, July 22, 2020 /PRNewswire/ -- Farallon Capital Management, L.L.C., on behalf of its managed funds and accounts ("Farallon"), today announced that it plans to vote for the shareholder proposals to Toshiba Corporation (Code: 6502) ("Toshiba") at Toshiba's 181st Annual General Meeting (Proposal No. 3 and No.4) (the "Shareholder Proposals").
Farallon has been a large shareholder of Toshiba since 2017 and has sought to maintain a continuous and constructive engagement with Toshiba's management team during this time. Farallon believes in Toshiba's potential and hopes that Toshiba will continue to take steps to maximize value for stakeholders in accordance with the company's "Toshiba Next Plan."
Based on Farallon's review of publicly available information, including the information included in the Shareholder Proposals, Farallon believes that it is important that Toshiba seek to further strengthen its corporate governance framework in the interests of all stakeholders. Farallon has accordingly concluded that it will support the election of the new director candidates in the Shareholder Proposals. Farallon hopes that the director candidates, if elected, will provide valuable experience and perspective to the Board and management with a view to enabling mid- to long-term value creation in accordance with the Toshiba Next Plan.
About Farallon
Farallon Capital Management, L.L.C., is a global investment firm founded in 1986 and registered as an investment advisor with the United States Securities and Exchange Commission since 1990. Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation. More information on Farallon is available at www.faralloncapital.com.
[Disclaimer]
This press release should not be construed as soliciting any other shareholders of Toshiba to authorize Farallon or any third party to exercise voting rights on such shareholder's behalf with respect to any matter to be presented to shareholders at Toshiba's Annual General Meeting for its 181st fiscal period. This press release is not intended, and should not be considered to solicit, encourage, induce or seek for any other shareholders of Toshiba to authorize Farallon or any other third party as their proxy in exercising their voting rights on their behalf.
Farallon is not soliciting or requesting any other shareholders of Toshiba to jointly exercise their shareholders' rights with Farallon (including, but not limited to, voting rights). Farallon declares that it does not intend to be treated or deemed a "joint holder" (kyo-do hoyu-sha) with any other shareholders of Toshiba under the Japanese Financial Instruments and Exchange Act.
