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Search resuls for: "Toshiba Corp's"


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The logo of Toshiba is seen as a shareholder arrives at an extraordinary shareholders meeting in Chiba, Japan, March 30, 2017. The letter, seen by Reuters, is from 3D Investment Partners, which owns a 7.2% stake in Toshiba. It is likely to heighten scrutiny into governance at Toshiba, a renowned industrial conglomerate in crisis sparked by Thursday's report. The company was holding an emergency meeting on Sunday to discuss reassigning the candidates for three key board committees ahead of a June 25 shareholder meeting. Major shareholder advisory firms recommended against some of the candidates, including the four addressed in the 3D letter.
Persons: Toru Hanai, Toru Hanai Toshiba Corp's, Thursday's, Osamu Nagayama Organizations: Toshiba, REUTERS, Toru Hanai Toshiba, Reuters, Investment Partners, Harvard, Thomson Locations: Chiba, Japan
REUTERS/Toru Hanai/File PhotoJapan's influential trade ministry effectively colluded with Toshiba Corp's (6502.T) management to influence shareholders votes on director nominees at last year's annual general meeting, an independent probe has found. The Harvard fund ultimately abstained from voting. The probe also found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. Toshiba said it "will carefully review this investigation report and plans to announce its comments towards this investigation result at a later date."
Persons: Toru Hanai, Toshiba Corp's, Nobuaki Kurumatani, Effissimo Organizations: Toshiba Corp, REUTERS, Toshiba, Economy, Trade, Industry, Harvard, Singapore, Effissimo Capital Management, CVC Capital, Reuters, Thomson Locations: Tokyo, Japan
REUTERS/Toru Hanai/File PhotoJapan's trade ministry colluded with Toshiba Corp's (6502.T) management to unduly influence a key shareholder vote last year, an independent probe found, undermining Tokyo's efforts to improve corporate governance and win over foreign investors. Toshiba's management "worked closely" with the ministry to exert "undue influence on some shareholders," the report found. The probe, conducted by three lawyers, found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. CVC's offer to take the Japanese conglomerate private and retain incumbent management was perceived by some in the company as designed to shield Kurumatani from activist shareholders, Toshiba sources have said.
Persons: Toru Hanai, Toshiba Corp's, Shinzo Abe, METI, barbecuing, Toshiba's, Yoshihide Suga, Abe, Suga, Effissimo, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Toshiba, Harvard, Ministry, Economy, Trade, Industry, Reuters, Effissimo Capital Management, Investment Partners, CVC Capital, Thomson Locations: Tokyo, Japan, Singapore
REUTERS/Toru Hanai/File PhotoJapan's trade and industry ministry effectively colluded with Toshiba Corp's (6502.T) management to undermine shareholders' rights, an independent probe into the company's controversial shareholders' meeting last year found. The report from the investigation, released on Thursday, is likely to heighten investor concern about governance and government interference at the conglomerate. It comes after activist investors including top shareholder Effissimo Capital Management successfully pushed for an investigation into whether Toshiba had applied pressure on shareholders over voting at the meeting. The investigators' report found that Toshiba had effectively asked a government adviser to talk to the Harvard University endowment fund to change its voting. Toshiba said it "will carefully review this investigation report and plans to announce its comments towards this investigation result at a later date."
Persons: Toru Hanai, Toshiba Corp's, Effissimo Organizations: Toshiba Corp, REUTERS, Toshiba, Effissimo Capital Management, Reuters, Harvard University, Ministry, Economy, Trade, Industry, Thomson Locations: Tokyo, Japan
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