{"id":117135,"date":"2021-06-25T01:49:11","date_gmt":"2021-06-25T01:49:11","guid":{"rendered":"https:\/\/fin2me.com\/?p=117135"},"modified":"2021-06-25T01:49:11","modified_gmt":"2021-06-25T01:49:11","slug":"pivotal-toshiba-shareholder-vote-on-future-of-board-chairman-begins","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/pivotal-toshiba-shareholder-vote-on-future-of-board-chairman-begins\/","title":{"rendered":"Pivotal Toshiba shareholder vote on future of board chairman begins"},"content":{"rendered":"

TOKYO (Reuters) – Toshiba Corp kicked off its annual general meeting on Friday, with shareholders set to decide on whether to keep Osamu Nagayama as board chairman. The vote – expected to be very close – is seen by many as a referendum on corporate governance in Japan.<\/p>

FILE PHOTO: The logo of Toshiba Corp. is seen at the company’s facility in Kawasaki, Japan February 13, 2017. REUTERS\/Issei Kato<\/figcaption>

Nagayama has been under immense pressure to resign after an independent investigation this month accused the industrial conglomerate of colluding with Japan\u2019s trade ministry to block foreign shareholders from gaining influence on the board at last year\u2019s AGM.<\/p>\n

Nagayama\u2019s critics say he should take responsibility for the board\u2019s resistance to a shareholder\u2019s call for an independent probe.<\/p>\n

3D Investment Partners, Toshiba\u2019s No. 2 shareholder with a 7.2% stake, has called for his immediate resignation, while shareholder advisory firms Institutional Shareholder Services Inc and Glass Lewis have recommended shareholders not reappoint him.<\/p>\n

If he is voted out, it would mark another watershed moment for Japan\u2019s corporate governance after foreign activist investors prevailed at a March extraordinary general meeting in their efforts to secure the probe into the allegations.<\/p>\n

But Nagayama\u2019s supporters argue he only joined Toshiba\u2019s board after the alleged pressuring of foreign shareholders took place and that Toshiba, which has lurched from crisis to crisis since 2015, needs his experience.<\/p>\n

Nagayama, a former Chugai Pharmaceutical CEO and Sony Group Corp board director, is expected to win the backing of many domestic investors.<\/p>\n

They now make up a greater proportion of Toshiba\u2019s shareholder base after the conglomerate\u2019s reinstatement in the Tokyo Stock Exchange\u2019s TOPIX index this year brought in more index-linked funds. Since then, the proportion of foreign investors in Toshiba has fallen to around half from 63% a year ago, according to the company.<\/p>\n

Toshiba will nominate 11 directors at the AGM, including Nagayama. Two members of the board\u2019s audit committee, which has been blamed for failing to properly address the allegations levelled at management, are not standing for re-election.<\/p>\n

Voting records disclosed so far show that Norges Bank Investment Management, the world\u2019s largest sovereign wealth fund, and the State Board of Administration of Florida have voted against Nagayama.<\/p>\n

But the California Public Employees\u2019 Retirement System (CalPERS) has voted for Nagayama. BlackRock Inc, which has a large stake of more than 5%, also voted for him, a person familiar with the matter has said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO (Reuters) – Toshiba Corp kicked off its annual general meeting on Friday, with shareholders set to decide on whether to keep Osamu Nagayama as […]<\/p>\n","protected":false},"author":3,"featured_media":117134,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nPivotal Toshiba shareholder vote on future of board chairman begins - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/pivotal-toshiba-shareholder-vote-on-future-of-board-chairman-begins\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pivotal Toshiba shareholder vote on future of board chairman begins - Fin2me\" \/>\n<meta property=\"og:description\" content=\"TOKYO (Reuters) – Toshiba Corp kicked off its annual general meeting on Friday, with shareholders set to decide on whether to keep Osamu Nagayama as [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/pivotal-toshiba-shareholder-vote-on-future-of-board-chairman-begins\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-25T01:49:11+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/06\/Pivotal-Toshiba-shareholder-vote-on-future-of-board-chairman-begins.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/pivotal-toshiba-shareholder-vote-on-future-of-board-chairman-begins\/\",\"url\":\"https:\/\/fin2me.com\/business\/pivotal-toshiba-shareholder-vote-on-future-of-board-chairman-begins\/\",\"name\":\"Pivotal Toshiba shareholder vote on future of board chairman begins - 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