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Toshiba’s prime shareholder calls board ‘ineffective’

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© Reuters. FILE PHOTO: The Toshiba Corp logo is seen near a traffic light in Tokyo, Japan, June 11, 2021. REUTERS / Issei Kato / File Photo

By Makiko Yamazaki and Chavi Mehta

TOKYO (Reuters) – Toshiba Corp’s largest shareholder, Effissimo Capital Management, described the conglomerate’s board of directors as “ineffective” in a statement Thursday and said it had failed to address governance and compliance deficiencies in the company.

The statement marks the first time Singapore-based Effissimo has made its views known since a shareholder-commissioned investigation found Toshiba (OTC 🙂 worked with the Japanese government to prevent foreign shareholders from exerting influence to take.

Effissimo, which owns about 10% of Toshiba’s shares, said the board’s decision to remove only two board members in response to the investigation was a reminder that it was unwilling to hold board members accountable.

Toshiba was not immediately available for comment.

The Shareholder Advisory Groups Institutional Shareholder Services Inc and Glass Lewis continue to recommend that shareholders vote against the reappointment of Chairman Osamu Nagayama and certain other current directors.

3D Investment Partners, Toshiba’s second largest shareholder, has also called for Nagayama’s resignation.

Effissimo’s statement, first published by the Financial Times, did not call for the resignation of certain directors but said it would “continue to hold board members accountable if necessary”.

Last week’s independent investigation alleged that the company’s management worked with the Japanese Ministry of Commerce to prevent foreign investors from influencing the board of directors in what 3D Investment called the world’s worst corporate scandal in a decade.

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