Toshiba Amends Director Nominees As Shareholders Demand Action

Toshiba Corp. (TOSYY.PK,TOSBF.PK) has amended slate of nominees for directors, committee members and executive officers as major shareholders demanded accountability after an investigation showed unfair practices in last year's board selection process.

The Japanese conglomerate said Sunday that Junji Ota and Takashi Yamauchi, nominated as Directors in the May 14th slate, are no longer nominees. Masayasu Toyohara and Masaharu Kamo, announced as nominees for Executive Officers on May 14th, will retire as Executive Officers, and Shigeru Fukuyama and Naofumi Tani have been nominated as Executive Officers.

An independent investigation reportedly showed Toshiba sought the Japanese 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.

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's annual general meeting of shareholders will be held on June 25.

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