Toshiba drops 2 board member candidates ahead of shareholder meeting

Jun 14, 2021 | News On Japan

Jun 14, 2021 (Japan Today) - Toshiba Corp on Sunday dropped the names of two board directors responsible for auditing from its list of candidates pending shareholder approval later in June after revelations of the industrial conglomerate's inappropriate handling of foreign activist investors.

The rare change to the lineup announced in May comes after a group of independent lawyers concluded earlier this month Toshiba had colluded with the Japanese government to fend off activist foreign investors in the company's general shareholders' meeting last summer.

The exclusion of the two -- Junji Ota, chairman of Toshiba's audit committee, and its member Takashi Yamauchi -- brings the total number of nominees to 11 from 13.

In announcing the decision unanimously made at a board of directors meeting on Sunday, Toshiba said it has taken the independent panel's report "seriously."

"We will take action to identify the root cause without delay, in an objective and transparent manner, including the participation of third parties," Toshiba said in a statement.

The audit committee in February found no issue with the general shareholders' meeting in July 2020, in stark contrast with the outcome of the independent investigation that said it was not managed fairly.

Two senior executives mentioned in the independent panel's report -- Corporate Senior Executive Vice President Masayasu Toyohara and Corporate Senior Vice President Masaharu Kamo --will retire on June 25, when the shareholders' meeting is scheduled to be held.

Source: ANNnewsCH

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