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At Toshiba’s extraordinary general meeting of shareholders on the 18th, we requested further investigation into the appointment of directors at last year’s annual general meeting.Effissimo Capital Management’s proposal is approved. There are also voices that Nobuaki Kurumatani, Chairman and CEO, will be forced to step down as a result of supporting allegations by shareholders (activists) who are skeptical of the company’s response.
Nobuo Gohara, who is familiar with corporate governance, said that the Investigation Committee’s action to request a new investigation was extremely legitimate and that “this was recognized at the extraordinary general meeting is extremely significant. A long time ago.” In the future, Toshiba will have a greater presence at Effissimo and Mr. Kuratani believes that his retirement will be “inevitable”.
Nobuaki Kurumatani, President of Toshiba (April 2018)
Justin Tan, head of Asian research at United First Partners, also analyzed that the result of the extraordinary meeting was a “great victory in corporate governance” and that other companies would see behavioral changes. Toshiba’s management system is no longer secure and Kuratani said he could resign before the survey results are available.
At last year’s annual general meeting, Effissimo proposed three directors, including founder Yoichiro Imai, to solve organizational culture and governance issues, but was rejected. At this extraordinary general meeting, three lawyers were appointed because there was a problem with the method of counting the voting rights in the ordinary general meeting of last year and it was necessary to investigate.I was proposing. As a result of the Audit Committee’s investigation, Mr. Kuratani and others on Toshiba’s side said there was no problem with the aggregation.
Gohara speculates that Toshiba’s refusal to re-investigate may be for an inexcusable reason. Based on the survey results, he said at this year’s annual meeting, “you will wonder whether shareholders will trust Mr. Kuratani.” In the nominating committee prior to that, the appointment of Mr. Kuratani itself can be controversial.
At last year’s annual meeting, Effissimo rejected the vote for the director nominee, saying it was less than half, while Kuratani’s vote was just 57.20%. He is in his second year as president and fourth as CEO. The current medium-term management plan is strengthening the renewable energy business.
Tokyo Metropolitan University Graduate SchoolProfessor Chieko Matsuda noted that Mr. Kuratani, who had a low approval rating, said that the extraordinary general meeting was held again, “it was clear that we could not build a trusting relationship with the capital market.” If it cannot be improved, this year’s annual general meeting “I think it will be a difficult situation,” he said. For Toshiba, “an open attitude and a dialogue attitude will be the key.”
On the same day, after the extraordinary general meeting, Mr. Kuratani said: “We will take the general intentions of our shareholders sincerely.” I will go “.
ToshibaThe share price remained slightly higher than the previous day, then temporarily rose to 3.6% after 11:00 am when Effissimo’s proposal was approved. The closing price was 3,795 yen, up 1.5%.
Since 2017, Toshiba has sold its memory business to resolve its insolvency and has received investments from many foreign funds through a third-party allocation. After that, the US hedge fund.It agreed to the request and bought back around 700 billion yen in own shares. What is the foreign participation index in May 2008?More than 60%.
At the extraordinary general meeting on the 18th, a US asset management company formulated a new capital policy proposal and sought approval at the general shareholders meeting.The Chinook Holdings bill, affiliated with Farallon Capital, was rejected by a majority of the opposition.
(Updated article adding trends in stock price.)
