TSE Boss Says Toshiba Needs Disclosure
The Tokyo Stock Exchange wants troubled Japanese conglomerate Toshiba to make prompt and appropriate disclosure about its widening governance scandal.
In particular, the TSE wants to know who has been responsible for the ongoing problems.
The head of Japan’s Exchange, Hiromi Yamaji, also told Reuters that activist investors can be a force for better shareholder engagement at Japanese companies and help improve governance.
His comments reflect a shift in attitude toward activist investors in Japan, and the extent of the Toshiba scandal has raised concern within corporate Japan about governance.
This follows a controversial revamp of Toshiba’s board after revalations that the company had tried to exclude foreign investors from voting on directorships.