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Turmoil At Toshiba As Board Holds Emergency Meeting

Japanese conglomerate Toshiba has removed two current directors from its list of board candidates less than two weeks ahead of a shareholder vote.

It’s the latest chapter in the aftermath of a probe into alleged influencing of investors.

Junji Ota, Toshiba’s audit committee chair, and Takashi Yamauchi, an audit committee member, will step down at the June 25 annual general meeting.

The announcement comes after an independent investigation found Toshiba’s July 2020 AGM was not fairly managed.

The investigation found the company had worked with the Ministry of Economy, Trade and Industry (METI) to put pressure on activist shareholders.

Ota and Yamauchi were part of the audit committee when Toshiba conducted its own review of the July 2020 shareholders meeting and found nothing inappropriate with its conduct.

Two Toshiba executives, Masayasu Toyohara and Masaharu Kamo, will also step down after they were both named in connection with Toshiba’s exchanges with METI.

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