• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Republica Press

Your Business & Political News Source

REPUBLICA PRESS
Your Business & Political News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • SCIENCE/TECH
  • US
  • WORLD
  • VIDEOS

Ousting Toshiba Chairman, Foreign Investors Score Breakthrough in Japan

by

Disagreements over the company’s management, including the handling of an accounting scandal, put Toshiba at odds with its new investors, some of whom pushed for change on its board, including the addition of more independent directors.

Tensions rose further last year when voting irregularities at the annual general meeting led to a shareholder revolt. Some investors cast blame on Mr. Nagayama, a former chief executive and director of the pharmaceutical giant Chugai who had also served as an outside director at Sony, after an internal investigation into the irregularities glossed over problems at the company.

“Nagayama tried to position himself as an agent for change, but he’s been there for a year and a lot has happened in that year, where he did not take action,” Mr. Saribas said.

In March, Toshiba shareholders, dissatisfied with the conclusions of the internal report into the problems at the general meeting, forced the company to undertake a second independent investigation.

A proposal for new directors by the Singapore-based Effissimo Capital Management had riled Toshiba’s corporate suite, according to the independent investigation. In response, executives reached out to officials at Japan’s trade ministry to coordinate tactics intended to make the firm back off.

In conversations with Effissimo, which is Toshiba’s largest shareholder, ministry officials implied that the hedge fund could be subject to investigation under a foreign investment law that had been newly revised to counter rising concerns about Chinese influence over Japanese firms.

When that effort failed, the trade ministry sent a representative to pressure Harvard’s endowment fund, another Toshiba investor, the report said. Ultimately, Toshiba got its way, and investors approved its slate of board members. The tactics had not affected the final outcome of the election, the report concluded, but were unfair nonetheless.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Filed Under: BUSINESS Tagged With: Boards of Directors, Corporations, Japan, Law, Shareholder Rights and Activism, TOSHIBA Corporation, trade

Primary Sidebar

More to See

Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended June 30, 2022

DALLAS--(BUSINESS WIRE)--Transcontinental Realty Investors, Inc. (NYSE:TCI) is reporting its results of operations for the quarter ended June 30, … [Read More...] about Transcontinental Realty Investors, Inc. Reports Earnings for Quarter Ended June 30, 2022

Remote and Beautiful, $20M Passage Island Is Alaska’s Priciest Property

Many property purchasers in Alaska possess the same vision: Either hunker down away from the madding crowds in a refined log cabin or operate a … [Read More...] about Remote and Beautiful, $20M Passage Island Is Alaska’s Priciest Property

LIV’s Astonishing Progress In Just Six Wild Months: A Timeline

14 hours agoWHO Renames Monkeypox Variants To Dispel Stigma And Creates Open Forum For Name Change","scope":{"topStory":{"index":1,"title":"WHO … [Read More...] about LIV’s Astonishing Progress In Just Six Wild Months: A Timeline

Copyright © 2022 · Republica Press · Log in · As an Amazon Associate we earn from qualifying purchases.

Terms and Conditions - Privacy Policy