Dodgy Toshiba Could Face Probe
Two of the biggest shareholders in Japanese conglomerate Toshiba are calling for an independent probe into the company.
US retirement fund CalPERS and Norway’s Norges Bank voted in favour of the proposal.
Toshiba’s largest shareholder with 9.9 percent, Singapore company Effissimo, wants an investigation into allegations that shareholders were pressured about how to vote on director nominations ahead of last year’s annual general meeting.
The Japanese company has linked to electronics and technology since 1875, when it was renamed after a merger between an engineering firm and a company that developed the country’s first telegraph equipment. But it has been struggling since 2015 when it was engulfed in an accounting scandal.
Now shareholders want changes to Toshiba’s management over its governance and business strategy, a move opposed by another shareholder, US business strategist Blackrock.