Toshiba to Drop Two Board Members as Shareholders Demand Act

Toshiba to Drop Two Board Members as Shareholders Demand Action
Bloomberg
3 hrs ago
© Bloomberg
Toshiba Surges 18% Limit After CVC Capital Makes Buyout Offer
(Bloomberg) -- Toshiba Corp. said it will drop two existing directors from its board as major shareholders demanded accountability after a probe showed unfair practices in last year’s selection process.
Popular Searches
The conglomerate won’t put forward the names of Junji Ota and Takashi Yamauchi for another term, it said in a statement after a special meeting on Sunday. It also won’t reappoint executive officers Masayasu Toyohara and Masaharu Kamo, the company said.
A independent probe showed Toshiba sought government help in an attempt to influence a key shareholder vote that installed its slate of directors. The company “devised a plan to effectively prevent shareholders” from exercising their rights at a July 2020 meeting, working with Japan’s trade ministry to counter activist investors, according to the 139-page report released last week and overseen by three lawyers.

Related Keywords

Japan , Tokyo , Japanese , Hiromichi Mizuno , Junji Ota , Takashi Yamauchi , Yoshihide Suga , Hiroshi Kajiyama , Masaharu Kamo , Ayako Hirota Weissman , Osamu Nagayama , Nobuaki Kurumatani , Nobuyuki Kobayashi , Masayasu Toyohara , Japan Inc , Harvard University , Foreign Exchange , Toshiba , Institutional Shareholder Services Inc , Reuters , Bloomberg Toshiba Corp , Toshiba Surges , Limit After , Makes Buyout , Bloomberg Toshiba Surges , Makes Buyout Offer , Institutional Shareholder Services , Investment Partners , Chief Executive Officer Nobuaki Kurumatani , Foreign Trade Act , Singapore Based Effissimo Capital , Japanese Trade Minister Hiroshi Kajiyama , ஜப்பான் , டோக்கியோ , ஜப்பானிய , ஜுஞ்சி ஓட , தகாஷி யாமௌசி , மசாாரு காமோ , ஜப்பான் இன்க் , ஹார்வர்ட் பல்கலைக்கழகம் , வெளிநாட்டு பரிமாற்றம் , தோஷிபா , நிறுவன பங்குதாரர் சேவைகள் இன்க் , ராய்ட்டர்ஸ் , ப்ளூம்பெர்க் தோஷிபா கார்ப் , நிறுவன பங்குதாரர் சேவைகள் , முதலீடு கூட்டாளர்கள் , வெளிநாட்டு வர்த்தகம் நாடகம் ,