Investor uprising kicks off Japan`s Toshiba Corporation

Tokyo: Toshiba Corp.’s second-largest shareholder on Sunday demanded that the chairman of the board and three other directors resign immediately after the company was found to have colluded with the Japanese government to put foreign investors under pressure. The letter sent to the four on Sunday, according to a person with direct knowledge of the process and seen by Reuters, is from 3D Investment Partners, which owns a 7.2% stake in Toshiba. This is likely to deepen a crisis that sparked last week’s report, which was an explosive turn in a long battle between the Japanese company’s management and foreign shareholders. These include activist investors and the Harvard University donation fund.

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The revelations in the report commissioned by the shareholder are a major source of concern and are one of the most prominent and shocking failures in corporate governance among major public companies in the world over the past decade ‘, reads the 3D letter. The letter, addressed to board chairman Osamu Nagayama and three current audit committee members, describes Nagayama as’ ultimately responsible for Toshiba’s recent failures, including the flawed internal investigation and the board’s determination to conduct an external, independent investigation. resist. ‘