Norway's sovereign wealth fund voted in favor of a shareholder proposal to ask Toshiba Corp to solicit takeover bids from private equity firms ahead of a special meeting on March 24, Reuters reported on March 19.
The fund voted against it. Norway's sovereign wealth fund owns a 1.22 percent stake in Toshiba, according to Refinitiv. Likewise, the Florida State Board of Management, which owns a 0.22% stake in Toshiba, voted against a management-backed split and backed a proposal by Singapore-based 3D Investment Partners.
Despite their small stakes, support for 3D's proposal from these prominent institutional investors could increase the incentive for activist shareholders to demand that the board fully explore spin-off alternatives.
Earlier this week, an outside Toshiba board director said he would support 3D's proposal, a departure from the company's board's public position. Toshiba said the board's opposition to the shareholder proposal has not changed and will continue to make every effort to gain shareholder support for the spin-off plan.
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