A majority of shareholders in
It is very rare that a stockholder's proposal is approved at a shareholders' meeting for a listed Japanese company, and the decision highlights the pressure Toshiba is under from overseas investment funds that hold large stakes in the company.
The extraordinary shareholders' meeting was convened at the request of
Effissimo, which owns a 9.9 percent stake in Toshiba, wants the new investigation to be conducted by lawyers it nominated.
At the general shareholders' meeting last year, a small portion of voting forms, equivalent to 1.3 percent of the total ballot, were deemed invalid due to failures of
Toshiba opposed the proposal from Effissimo, saying the voting results were not affected by the error.
Effissimo also demanded another issue arising from last year's meeting be investigated. The company claims an advisor to
Toshiba denies the allegation, maintaining it has never had a relationship with the advisor.
However, Thursday's decision means three lawyers designated by the
Meanwhile, Chinook's proposal that all operating cash flow through
As of
Toshiba has been stepping up turnaround efforts following an accounting fraud scandal that came to light in 2015, and the bankruptcy of its
In 2018, Toshiba sold its former chip-making subsidiary to a consortium led by
==Kyodo
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