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Toshiba shareholders vote for probe in landmark win for Japan corporate governance

Sumary of Toshiba shareholders vote for probe in landmark win for Japan corporate governance:

  • Breadcrumb Trail Links PMN Business Article content TOKYO — Toshiba Corp shareholders voted on Thursday in favor of an independent probe into allegations that investors were pressured ahead of last year annual general meeting – a watershed victory set to spur more shareholder activism in Japan…
  • Some Toshiba shareholders had felt pressure to vote in line with management wishes on director nominations after contact from a government adviser or the trade ministry, sources have previously told Reuters…
  • Pressure on Toshiba Chief Executive Nobuaki Kurumatani, who resisted calls for an independent probe, is expected to grow and some investors have said any finding that shareholders were pressured could cost him his job…
  • The proposal from Singapore-based Effissimo Capital Management, an activist investor and Toshiba biggest shareholder with a 9.9% stake, was backed by proxy advisers and required a simple majority of votes at Thursday extraordinary general meeting (EGM) to pass…
  • Advertisement Article content “This result shines a very public spotlight on the likelihood that EGMs, which in Japan can be called by a shareholder that has owned only 3% for 6 months, will probably be used more by activists,”..
  • Kurumantani said at the EGM that the company had made much effort to reach out to shareholders and explain its position but did not offer comment after the vote was announced…
  • nuclear business as well as the sale of semiconductor unit, the once-storied conglomerate is a shadow of its former self…
  • Even so, Toshiba is one of the few domestic manufacturers of nuclear reactors and remains hugely important to the Japanese government….

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