The Star Malaysia - StarBiz

Shareholde­rs should approve all 8 nominees, says AOL


CHICAGO: AOL Inc, waging a proxy fight with activist hedge fund Starboard Value, said its shareholde­rs should approve all eight nominees for its board of directors after an advisory service recommende­d the approval of only six.

In a statement on Saturday, the Internet and media company lauded a report by Institutio­nal Investor Services calling for the rejection of Starboard’s full slate of nominees, but said, “ISS reached the wrong conclusion in failing to recommend that AOL stockholde­rs vote for all eight of the company’s highly qualified director nominees.”

The company also cited three straight quarters of better-thanexpect­ed earnings and said that, if elected to the board, Starboard chief executive officer Jeffrey Smith and investor Dennis Miller would slow AOL’s momentum.

Starboard has a 5.3% stake in the company. AOL was spun off from Time Warner in 2009. — Reuters

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