Toshiba shareholders approved 13 nominated directors to its board, as the Japanese technology giant struggles to restore its one-time glory and set a clear leadership direction
Toshiba shareholders approved 13 nominated directors to its board Tuesday, as the Japanese technology giant struggles to restore its one-time glory and set a clear leadership direction. Chief Executive Taro Shimada, who oversaw the annual shareholders’ meeting in Tokyo, said the majority had voted to OK that plan. He promised…
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A Toshiba Corp external board member said the company’s plan to appoint two directors representing activist investors lacks fairness and balance, opposing their election in a shareholder vote this month.
Mariko Watahiki, a former judge who became a Toshiba board member last year, spoke out against the proposed election of two director candidates from Elliott Management Corp and Farallon Capital Management, saying that if they were appointed, activist investors would occupy too much of the board.
Toshiba announced a slate of 13 proposed directors last month ahead of its shareholder meeting scheduled for June 28.
“Toshiba has many types of shareholders, such as
Toshiba Corp. plans to notify shareholders that two board director nominees from activist hedge funds were not approved unanimously by its nomination committee, people familiar with the matter said on Friday.