Toshiba shareholders vote for probe in landmark win for Japan corporate governance
By Makiko Yamazaki
TOKYO (Reuters) – Toshiba Corp shareholders voted on Thursday in favour of an neutral probe into allegations that merchants have been pressured ahead of ultimate 12 months’s annual fundamental meeting – a watershed victory set to spur additional shareholder activism in Japan.
The vote marks solely the fourth time an activist shareholder motion has gained approval in Japan and the first at a severe agency that could be a household establish, albeit one sullied by a string of scandals.
It might be notable for the gravity of allegations that emerged after the AGM. Some Toshiba shareholders had felt stress to vote in line with administration’s wants on director nominations after contact from a authorities adviser or the commerce ministry, sources have beforehand suggested Reuters.
Pressure on Toshiba Chief Executive Nobuaki …