AVN 64.74 Decreased By ▼ -0.26 (-0.4%)
BAFL 31.23 Increased By ▲ 0.08 (0.26%)
BOP 4.82 Increased By ▲ 0.11 (2.34%)
CNERGY 3.86 Decreased By ▼ -0.02 (-0.52%)
DFML 14.11 Increased By ▲ 0.41 (2.99%)
DGKC 41.69 Increased By ▲ 0.42 (1.02%)
EPCL 46.36 Decreased By ▼ -0.33 (-0.71%)
FCCL 11.41 Decreased By ▼ -0.01 (-0.09%)
FFL 5.06 Increased By ▲ 0.02 (0.4%)
FLYNG 5.78 Decreased By ▼ -0.04 (-0.69%)
GGL 9.92 Decreased By ▼ -0.03 (-0.3%)
HUBC 64.23 Increased By ▲ 0.13 (0.2%)
HUMNL 5.61 Decreased By ▼ -0.04 (-0.71%)
KAPCO 27.84 Increased By ▲ 0.04 (0.14%)
KEL 2.15 Increased By ▲ 0.02 (0.94%)
LOTCHEM 24.52 Increased By ▲ 0.22 (0.91%)
MLCF 21.75 Increased By ▲ 0.35 (1.64%)
NETSOL 84.19 Decreased By ▼ -0.01 (-0.01%)
OGDC 87.30 Decreased By ▼ -0.64 (-0.73%)
PAEL 10.95 Increased By ▲ 0.05 (0.46%)
PIBTL 4.24 Increased By ▲ 0.06 (1.44%)
PPL 76.63 Decreased By ▼ -1.07 (-1.38%)
PRL 13.69 Increased By ▲ 0.07 (0.51%)
SILK 0.90 Increased By ▲ 0.01 (1.12%)
SNGP 41.52 Decreased By ▼ -0.41 (-0.98%)
TELE 5.95 Increased By ▲ 0.08 (1.36%)
TPLP 15.77 Decreased By ▼ -0.01 (-0.06%)
TRG 111.25 Decreased By ▼ -1.05 (-0.93%)
UNITY 13.92 Decreased By ▼ -0.03 (-0.22%)
WTL 1.14 Increased By ▲ 0.01 (0.88%)
BR100 4,046 Decreased By -1.8 (-0.05%)
BR30 14,434 Decreased By -33.1 (-0.23%)
KSE100 40,620 Decreased By -53.1 (-0.13%)
KSE30 15,170 Decreased By -20 (-0.13%)
Business & Finance

Top Toshiba shareholder renews call for probe over pressure on AGM vote

  • "Even if the third party acted in isolation, does the Board not have any responsibility to protect its shareholders' rights?" the letter said.
Published February 24, 2021
Follow us

TOKYO: Toshiba Corp's top investor has renewed its call for an independent investigation into the company's annual shareholder meeting (AGM) last year, according to a letter dated Wednesday sent to other shareholders.

Singapore-based Effissimo Capital Management's letter, seen by Reuters, follows the Japanese conglomerate's conclusion last week that it was not involved in any effort to pressure the Harvard University endowment fund over its vote at the AGM.

Effissimo said the internal review was "limited in scope", and is calling for an extraordinary shareholder meeting to establish a team of legal experts to investigate, saying the voting rights of some shareholders were compromised.

"Our objective is not to re-litigate the results of the 2020 AGM but to seek reassurance that there has not been an assault on the integrity of shareholder voting," the letter said.

Reuters previously reported that Hiromichi Mizuno, a Japanese government adviser at the time, had told the Harvard fund that its vote at Toshiba's AGM could be subject to a regulatory probe should it vote against the firm's management.

"Even if the third party acted in isolation, does the Board not have any responsibility to protect its shareholders' rights?" the letter said.

"Failure to perform a thorough and independent investigation will set a harmful precedent not only for Toshiba but corporate Japan as a whole," it said.

Toshiba will hold an extraordinary meeting on March 18 to vote on separate proposals from two large shareholders - Effissimo, which wants the independent probe, and US hedge fund Farallon Capital Management, which wants a vote on the company's investment strategy.

Comments

Comments are closed.

Top Toshiba shareholder renews call for probe over pressure on AGM vote

'Higher than expectations': Pakistan's headline inflation clocks in at 27.6% in January

Rupee sustains losses, settles at 268.83 against US dollar

Fawad Chaudhry released from Adiala jail

Imran says governor KP's letter to ECP regarding delay in polls raises 'suspicions’

Cannot rule out internal assistance for Peshawar bombing: police

Peshawar attack: ‘Who brought the terrorists back?’, asks PM Shehbaz

Adani abandons $2.5 billion share sale in big blow to Indian tycoon

Hyundai-Nishat jacks up car prices by up to Rs500,000 in Pakistan

Maryam Nawaz says PML-N will clean sweep upcoming elections

PSX sees range-bound session, KSE-100 falls 0.13%