Toshiba has issued an open letter addressing the revelation unveiled from a recent independent investigation that it pressured shareholders into voting a certain way, saying it acknowledged its actions have eroded trust. The letter comes a week ahead of a shareholder’s meeting to vote on director, committee member, and executive officer nominees. The independent investigation, conducted by three lawyers from three different law firms, looked into allegations that Toshiba investors were pressured into voting in favour of reappointing Nobuaki Kurumatani as CEO during the company’s annual general meeting last year. Kurumatani stepped down from the CEO post shortly after shareholders, led by Effissimo Capital Management, passed the motion to conduct the independent investigation, with former CEO Satoshi Tsunakawa taking his place. The investigation [PDF] unveiled that Japanese government officials colluded with Toshiba in an attempt to prevent shareholders from exercising their voting rights at last year’s annual general meeting. The report said Toshiba “devised a plan” with Ministry of Economy, Trade and Industry officials to prevent Effissimo Capital Management, which holds 9.9% of Toshiba shares, from exercising certain shareholder proposals at Toshiba’s annual general meetings. “Toshiba’s actions directly or indirectly had an undue influence on shareholders with the intention of… Read full this story
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