Jun 25, 2021

Toshiba: Scandal-hit chairman ousted by investors

The chairman of scandal-hit Japanese conglomerate Toshiba has been voted out after a shareholder revolt. One of Toshiba's largest shareholders, 3D Investment Partners, which had previously called for Mr Nagayama's resignation, welcomed the result. Today's vote came after activist Toshiba shareholders won a battle earlier this year to secure an investigation into allegations that overseas investors were pressured to vote in line with management board's nominees. Mr Nagayama only joined Toshiba's board in the middle of last year after the pressuring of foreign shareholders allegedly took place. " bears the greatest responsibility in nominating candidates and has ultimate responsibility for the conduct of the board," Toshiba investor Effissimo said in an earlier report.

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