Former Toshiba executives didn’t breach duties, committee finds

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A committee made up of Toshiba Corp. 6502 investigating -1.32% of the actions of officials in the run-up to the July 2020 annual general meeting, said it found no breach of duty of care by former chief executive Nobuaki Kurumatani and other executives.

Toshiba said Friday that it had received a report from its Committee on Improving Governance and published the report.

The committee said in the report that it is important for Toshiba executives not to become overly dependent on government agencies, while it is necessary for the company to seek advice from the authorities in charge of its business.

Toshiba set up the committee in August to clarify the responsibilities of its officials after a team of investigators concluded that the shareholders’ meeting was not being conducted fairly.

Investigators said Toshiba asked Japan’s Ministry of Economy, Trade and Industry for assistance in dealing with activist shareholders and that the company and METI officials acted together.

Investigators said Toshiba exercised undue influence over shareholders, effectively attempting to prevent its shareholders from motioning or exercising voting rights.

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