- June 25, 2021
- Posted by: Stratford Team
- Category: Business
TOKYO, June 25 (Reuters) – Toshiba Corp shareholders (6502.T) voted out its board chairman and one other director on Friday, delivering a seismic rebuke to the company after it was found to have colluded with the government in suppressing foreign investor interests.
For many, the result at the annual general meeting marks a new watershed moment for corporate governance in Japan after activist Toshiba shareholders prevailed earlier this year in securing a probe into the allegations of pressure on overseas investors.
Ousters of board members at Japanese companies, particularly household names like Toshiba, are extremely rare.
“This result is a sign of a paradigm shift in Japan and will only embolden activist investors whether foreign or domestic,” said Justin Tang, head of Asian research at United First Partners in Singapore.
But supporters of now former board chairman Osamu Nagayama say his failure to win re-election will only set Toshiba further back,…
