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Japanese shares inch higher, Toshiba up after ouster of board directors
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
TOKYO, June 14 (Reuters) - Japanese shares rose on Monday as cyclicals such as tyre makers and shippers led gains on global recovery hopes, while Toshiba rose after the company said two of its board directors will retire amid its governance crisis. “Japanese shares are still trailing behind global shares, as earnings recovery is expected to be delayed. Shippers were the top gainers, with Nippon Yusen up 2.3%, followed by tyre makers, among which Bridgestone rose 1.3% and Yokohama Rubber jumped 2.9%. Toshiba gained 2.7% after the conglomerate, which is facing a deepening crisis over corporate governance, said it would change its board director nominees for an upcoming shareholders meeting and its two board directors would retire. Growth-oriented shares outperformed as fall in U.S. bond yields boosted their U.S. peers.
Persons: , Hiroshi Watanabe, Keyence, Kobe Bussan, MUFG, Junko Fujita, Shailesh Kuber Organizations: Toshiba, Nikkei, Nasdaq, Sony Financial Holdings, Nippon Yusen, Bridgestone, Yokohama Rubber, Kobe, U.S, Treasury, Mizuho Financial Group Locations: TOKYO, U.S
TOKYO, June 14 (Reuters) - Japanese shares rose on Monday led by tyre makers and shippers, following the weekend’s solid finish on Wall Street, though gains were capped as investors remained cautions ahead of the U.S. Federal Reserve’s meeting this week. The Nikkei share average gained 0.37% to 29,055.20 by 0203 GMT, after trimming gains of as much as 0.9% earlier in the session. The broader Topix rose 0.19% to 1,957.89. Investors tend to book profits in such an environment,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. Sumitomo Mitsui Financial Group fell 0.2% and Mizuho Financial Group lost 0.77%.
Persons: , Masahiro Ichikawa, Fanuc, Junko Fujita, Shailesh Kuber Organizations: U.S, U.S . Federal, Nikkei, Sumitomo Mitsui DS Asset Management, , , Nasdaq, Bridgestone, Yokohama, Toyo Tire, Shipping, Nippon, Mitsui OSK Lines, Treasury, Sumitomo Mitsui Financial Group, Mizuho Financial, Toshiba, Nintendo, Itochu Locations: TOKYO, U.S ., Japan, Asia, ” U.S
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-HoonJapan's Toshiba Corp (6502.T) on Monday blamed its former chief executive for fomenting a "confrontational approach" to shareholders, citing that as underlying factor in its widening governance crisis. The comment from Osamu Nagayama, the chairman of Toshiba's board, comes after a shareholder-commissioned investigation revealed the company colluded with the Japanese government to "beat up" foreign shareholders. "There was a somewhat confrontational stance towards shareholders brewing from some time ago," Nagayama said, when asked about the responsibility of former CEO Nobuaki Kurumatani. The crisis at Toshiba has renewed concern about governance in the world's third-largest economy and its openness to foreign investors.
Persons: Kim Kyung, Hoon, Osamu Nagayama, Nagayama, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Hoon Japan's Toshiba Corp, Toshiba, Thomson Locations: Kawasaki, Japan
Toshiba blames troubles on former CEO's 'confrontational approach' to shareholders
  + stars: | 2021-06-14 | by ( ) www.cnbc.com sentiment -0.99   time to read: +1 min
A shareholder of Toshiba arrives at a shareholders' meeting in Chiba, Chiba prefecture in Japan on June 28, 2017. Japan's Toshiba on Monday blamed its former chief executive for fomenting a "confrontational approach" to shareholders, citing that as underlying factor in its widening governance crisis. The comment from Osamu Nagayama, the chairman of Toshiba's board, comes after a shareholder-commissioned investigation revealed the company colluded with the Japanese government to "beat up" foreign shareholders. "There was a somewhat confrontational stance towards shareholders brewing from some time ago," Nagayama said, when asked about the responsibility of former CEO Nobuaki Kurumatani. The crisis at Toshiba has renewed concern about governance in the world's third-largest economy and its openness to foreign investors.
Persons: Japan's, Osamu Nagayama, Nagayama, Nobuaki Kurumatani Organizations: Toshiba, Japan's Toshiba Locations: Chiba, Japan
Four at Toshiba Resign Over Campaign to Thwart Foreign Shareholders
  + stars: | 2021-06-13 | by ( Peter Landers | Megumi Fujikawa | ) www.wsj.com sentiment -0.85   time to read: +1 min
TOKYO— Toshiba Corp. said two executives and two outside directors would resign after they were accused of working with the government against foreign shareholders, the first fallout in a scandal that has highlighted Japan’s business-government ties. Sunday’s announcement came three days after a report by outside lawyers depicted wide-ranging cooperation between Toshiba management, the head of the Toshiba board’s audit committee and officials at the Ministry of Economy, Trade and Industry to block foreign shareholders from gaining board influence. It was the latest blow to the reputation of a company once known world-wide for its laptop computers, television sets and medical equipment. Shareholders based outside Japan now control more than half the company after injecting capital in late 2017 to repair Toshiba’s finances. The outside lawyers’ report, commissioned by shareholders after a push by the foreign activists, suggested that Toshiba executives and government officials shared concern over the activists’ power.
Persons: , Organizations: TOKYO — Toshiba Corp, Toshiba, Ministry, Economy, Trade, Industry, Harvard Locations: Japan, U.S
Toshiba to change board director candidates as two step down
  + stars: | 2021-06-13 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
FILE PHOTO: The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoTOKYO (Reuters) - Toshiba Corp will change its slate of board director candidates for an unpcoming shareholder meeting as two previously nominated directors are stepping down, it said on Sunday, as crisis at the conglomerate deepened. Audit committee chair Junji Ota and audit committee member Takashi Yamauchi will retire as board directors, the company said in a statement on Sunday. The shake-up follows an investigation that found the company had colluded with the Japanese government to pressure investors.
Persons: Issei Kato TOKYO, Junji Ota, Takashi Yamauchi Organizations: Toshiba Corp, REUTERS Locations: Tokyo, Japan
Toshiba changes board nominees as two step down in deepening crisis
  + stars: | 2021-06-13 | by ( Makiko Yamazaki | ) www.reuters.com sentiment -0.90   time to read: +1 min
FILE PHOTO: The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoTOKYO (Reuters) -Toshiba Corp, facing a deepening crisis over corporate governance, said on Sunday it will change its board director nominees for an upcoming shareholder meeting, as two are stepping down. The report was commissioned by shareholders, who voted in March for an independent investigation into allegations investors had come under pressure from the company. Audit committee chair Junji Ota and audit committee member Takashi Yamauchi will retire as board directors, the company said in a statement, following a four-hour long emergency board meeting. In the statement, Toshiba said it “will take action to identify the root cause without delay, in an objective and transparent manner, including the participation of third parties.”Toshiba is set to hold its annual shareholders meeting on June 25.
Persons: Issei Kato TOKYO, Junji Ota, Takashi Yamauchi, Masayasu, Kamo Organizations: Toshiba Corp, REUTERS, Toshiba Locations: Tokyo, Japan
TOKYO (Reuters) -Toshiba Corp’s second-biggest shareholder on Sunday demanded the board chairman and three other directors immediately resign after an investigation found the company had colluded with the Japanese government to pressure foreign investors. FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at an extraordinary shareholders meeting in Chiba, Japan, March 30, 2017. REUTERS/Toru HanaiThe 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. Major shareholder advisory firms recommended against some of the candidates, including the four addressed in the 3D letter.
Persons: Toru Hanai, Thursday’s, Osamu Nagayama, Organizations: Toshiba, REUTERS, Reuters, Investment Partners, Harvard Locations: TOKYO, Chiba, Japan
TOKYO, June 13 (Reuters) - Toshiba Corp’s second-biggest shareholder on Sunday demanded the board chairman and three other directors resign immediately after an investigation found the company had colluded with the Japanese government to pressure foreign investors. It is likely to the deepen a crisis sparked by last week’s report, which marked an explosive turn in a long battle between the Japanese company’s management and foreign shareholders. These include activist investors and Harvard University’s endowment fund. The revelations in the shareholder-commissioned report “are deeply troubling and represent one of the most prominent and shocking corporate governance failures among large public companies anywhere in the world in the last decade,” the 3D letter says. The letter, addressed to board chair Osamu Nagayama and three current audit committee members, describes Nagayama as “ultimately responsible for Toshiba’s recent governance failures, including the flawed internal investigation and the board’s determination to oppose an outside, independent investigation.” (Reporting by Makiko Yamazaki; Editing by William Mallard)
Persons: , Osamu Nagayama, Makiko Yamazaki, William Mallard Organizations: Toshiba, Reuters, Investment Partners, Harvard Locations: TOKYO
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
Advisory firm ISS recommends vote against Toshiba chairman
  + stars: | 2021-06-12 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +1 min
FILE PHOTO: The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoTOKYO (Reuters) - Toshiba Corp shareholders should vote against the re-appointment of board chairman Osamu Nagayama and four other directors, shareholder advisory firm ISS recommended on Saturday. The recommendation by Institutional Shareholder Services Inc (ISS) follows an explosive, shareholder-commissioned investigation that accused Toshiba of colluding with the Japanese government to pressure foreign investors. ISS advised shareholders to oppose the re-appointment of current members of the nomination and audit committees at a June 25 annual shareholders’ meeting. Glass Lewis, another U.S. advisory firm, has also urged shareholders at this year’s AGM to vote against the re-appointment of the same five directors.
Persons: Issei Kato TOKYO, Osamu Nagayama, , Glass Lewis Organizations: Toshiba Corp, REUTERS, Institutional, Services Inc, Toshiba, Ministry, Economy, Trade, Industry, ISS, Reuters Locations: Tokyo, Japan
Toshiba board to hold emergency meeting on Sunday, sources say
  + stars: | 2021-06-12 | by ( Makiko Yamazaki | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO (Reuters) -Toshiba Corp directors will hold an emergency meeting on Sunday to discuss reassigning the candidates for three key board committees ahead of a June 25 shareholder meeting, two people with direct knowledge of the matter told Reuters. FILE PHOTO: The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoThe Japanese conglomerate’s board will consider reassigning the candidates for the audit, nominating and compensation committees, after major shareholder advisory firms recommended against some of the candidates, the people said. The emergency meeting comes as Toshiba has been thrown into crisis by revelations this week that management and board members colluded with the Japanese government to pressure foreign investors. Toshiba said in a statement it does not disclose the schedule or topics of board meetings.
Persons: Issei Kato, Toshiba’s, , Osamu Nagayama, Glass Lewis Organizations: Toshiba Corp, REUTERS, Toshiba, Ministry, Economy, Trade, Industry, Services Inc, ISS, Reuters Locations: TOKYO, Tokyo, Japan
The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoTOKYO (Reuters) - Four members of the Toshiba Corp board on Friday said they were no longer in support of the full slate of director candidates nominated by the company for its upcoming shareholders meeting. The four released a statement following an explosive shareholder-commissioned investigation that accused Toshiba and the government of colluding to pressure foreign investors. “The report made clear that certain members of the management and board took actions that were unacceptable and directly against the interests of our shareholders,” the four said in their statement. “We are no longer in support of the full slate of director candidates which were nominated by Toshiba for the upcoming AGM,” they said.
Persons: Issei Kato TOKYO, , Organizations: Toshiba Corp, REUTERS, Toshiba Locations: Tokyo, Japan
Japanese shares end lower as cyclical stocks drag; Toshiba slips
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO, June 11 (Reuters) - Japanese shares ended marginally lower on Friday as losses in cyclical stocks, as well as banks and property firms, offset gains in heavyweight technical firms. The Nikkei share average closed 0.03% down at 28,948.73, while the broader Topix slipped 0.14% to 1,954.02. For the week, the Nikkei traded in a narrow range, posting a marginal gain of 0.02%. Banks and property firms declined the most among the 33 industry sub-indexes. Technology firms advanced, with a medical platform M3 Inc rising 3.12%, Advantest gaining 0.61% and Tokyo Electron rising 0.65%.
Persons: management’s, , , Jun Morita, Banks, Drugmaker Eisai, Junko Fujita, Ramakrishnan Organizations: Nikkei, Toshiba Corp, Chibagin Asset Management, Recruit Holdings, Kubota, Komatsu Locations: TOKYO, United States, Tokyo
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-HoonTOKYO (Reuters) - U.S. proxy advisory firm Glass Lewis has urged shareholders to vote against the re-appointment of Toshiba Corp’s board chairman Osamu Nagayama and four others nominated to the board by the company, the Nikkei business daily reported on Friday. Glass Lewis recommended opposing the re-appointment of Junji Ota, chairman of Toshiba’s audit committee, the Nikkei said. Toshiba is due to hold its annual general shareholders’ meeting on June 25.
Persons: Kim Kyung, TOKYO, Glass Lewis, Osamu Nagayama, Junji Ota Organizations: Toshiba Corp, REUTERS, Toshiba, Nikkei Locations: Kawasaki, Japan
Japanese shares edge down as tech stocks weigh
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
TOKYO, June 11 (Reuters) - Japanese shares inched down in seesaw trading on Friday as technology stocks pulled back from early gains, with investors remaining cautious about the pace of domestic economic recovery. The Nikkei share average inched down 0.06% to 28,939.16 by 0225 GMT, while the broader Topix was down 0.23% to 1,952.24. “Japan’s technology stocks are bought as the Nasdaq’s gain and the fall in U.S. interest rates lifted investor sentiment,” said Jun Morita, general manager of the research department at Chibagin Asset Management. Airlines declined the most, while financial firms and real estate firms also fell. Technology firms advanced, with a medical platform M3 Inc rising 2.18%, Advantest gaining 0.48% and Tokyo Electron edging up 0.17%.
Persons: , Jun Morita, Yutaka Miura, Drugmaker Eisai, Junko Fujita, Ramakrishnan Organizations: Nikkei, Chibagin Asset Management, Mizuho Securities, Federal Reserve, Airlines, Technology, Toshiba Locations: TOKYO, United States, Tokyo
Four Toshiba directors call for board and management shake-up
  + stars: | 2021-06-11 | by ( Makiko Yamazaki | ) www.reuters.com + 0.00   time to read: +3 min
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File photoFour of Toshiba Corp’s (6502.T) independent directors called on Friday for a shake-up of the Japanese conglomerate’s management and board, accusing them of “unacceptable” actions directly against the interests of shareholders. The public criticism is the clearest sign yet of the fallout from the shareholder-commissioned report released on Thursday, which has put Toshiba's management and Japan's powerful trade ministry under scrutiny and renewed concerns about governance. Earlier on Friday, U.S. proxy advisory firm Glass Lewis urged shareholders at this year's AGM to vote against the re-appointment of Toshiba board chairman Osamu Nagayama and four others nominated by the company for the 13-member board. The independent investigation found Toshiba had devised a plan to exert undue influence on Singapore-based Effissimo Capital Management, Toshiba's top shareholder, to withdraw its proposed board nominees.
Persons: Kim Kyung, Toshiba Corp’s, Jerome Black, Paul Brough, Ayako Weissman, George Zage, Glass Lewis, Osamu Nagayama, Hiroshi Kajiyama Organizations: Toshiba Corp, REUTERS, Toshiba, Effissimo Capital Management, Harvard, Ministry, Thomson Locations: Kawasaki, Japan, Singapore
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File photoJapan's trade ministry on Friday denied its officials directed an adviser to contact Toshiba Corp (6502.T) shareholders as part of a plan to pressure them to support management in a key vote on board membership. Among its findings, the investigators' report said the trade ministry "effectively asked" a government adviser, described as "Mr. M", to negotiate with Harvard University's endowment fund to change its voting behaviour. "Ministry officials have informed me that it's not true that any request was made to engage with individual investors," Trade Minister Hiroshi Kajiyama told a regular press briefing. As one of the industrial conglomerates that modernized Japan and helped its post World War Two economic recovery, Toshiba enjoys close ties with government.
Persons: Kim Kyung, management's, Hiroshi Kajiyama, Hiromichi Mizuno, Mizuno, Elon Musk, Yoshihide Suga, Suga Organizations: Toshiba Corp, REUTERS, Toshiba, Harvard, Ministry, Reuters, Tesla Inc, Investment Fund, United Nations, Innovative Finance, Sustainable Investment, Effissimo Capital Management, Investment Partners, Nikkei, Thomson Locations: Kawasaki, Japan, Britain, Tokyo
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File photoFour Toshiba Corp (6502.T) directors called on Friday for a shake-up of its management and board, in a sign of revolt after an investigation found the conglomerate colluded with the Japanese government to "beat up" foreign shareholders. The investigators detailed one email among top Toshiba managers about the company's largest shareholder, Singapore-based hedge fund Effissimo Capital Management. It doesn't mean they're perfect yet," said Brian Heywood, CEO of Taiyo Pacific Partners, an activist fund that has operated in Japan for 20 years. As a result, activist investors are estimated to account for 25% of Toshiba's shareholder base.
Persons: Kim Kyung, Jerome Black, Paul Brough, Ayako Weissman, George Zage, METI, Yoshihide Suga, Suga, Hiroshi Kajiyama, Hiromichi Mizuno, Mizuno, Brian Heywood, Glass Lewis, Osamu Nagayama, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Japan Inc, Ministry, Economy, Trade, Industry, Toshiba, Capital Management, Investment Partners, Harvard, Reuters, Tesla Inc, Investment Fund, Innovative Finance, Sustainable Investment, JAPAN, Taiyo Pacific Partners, CVC Capital, Thomson Locations: Kawasaki, Japan, Singapore, Tokyo
TOKYO— Toshiba Corp. worked closely with Japanese government officials to block foreign-based shareholders from exercising their rights, using inappropriate threats and language such as “beat them up,” a company-commissioned report found. The report harked back to the days when Japan Inc. was a popular term to describe the perceived tight linkage between big business and government in blocking foreign influence in Japan. Toshiba management sought to prevent the commissioning of the report, which was written by three Japanese law firms, but shareholders voted in March to go ahead with it. Effissimo and other shareholders outside Japan at the time were expressing dissatisfaction with Mr. Kurumatani’s leadership and calling for greater shareholder returns through buybacks or dividends. Mr. Kurumatani resigned in April of this year after an acquisition offer from private-equity firm CVC Capital Partners, which later fell through.
Persons: , Toshiba’s, Nobuaki Kurumatani, Kurumatani Organizations: TOKYO — Toshiba Corp, Japan Inc, Toshiba, Effissimo Capital Management, Ltd, Capital Partners Locations: Japan, Singapore
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
The probe's findings mark an explosive turn in a long battle between the Japanese company's management and foreign shareholders, which include activist investors and Harvard University's endowment fund. The investigators also allege that Suga encouraged the pressure on Toshiba investors in a breakfast meeting with a senior company executive last July. A spokesperson for the Harvard fund declined to comment, while 3D did not immediately respond to a request for comment. The Harvard fund ultimately abstained from voting. Toshiba said at the time it was not involved in any efforts to pressure Harvard.
Persons: Yoshihide Suga, Suga, METI, Toru Hanai, Shinzo Abe, barbecuing, Nicholas Benes, Will, Hiromichi Mizuno, Nobuaki Kurumatani Organizations: Toshiba Corp, Toshiba, Harvard, Ministry, Economy, Trade, Industry, Effissimo Capital Management, Reuters, REUTERS, Investment Partners, Training, of Japan, CVC Capital, Thomson Locations: Tokyo, Singapore, Japan
Toshiba to buy back 6% of shares, pay special dividend
  + stars: | 2021-06-07 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: 1 min
FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei KatoTOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns. The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as “some shareholders, mainly retail shareholders, prefer dividends”, it said in a statement. Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level. ($1 = 109.5600 yen)
Persons: Issei Kato TOKYO Organizations: Toshiba Corp, REUTERS, Toshiba Locations: Kawasaki, Japan
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