Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Japan
  4. Japan Exchange
  5. Toshiba Corporation
  6. News
  7. Summary
    6502   JP3592200004

TOSHIBA CORPORATION

(6502)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Ahead of pivotal AGM, Toshiba board chairman vows to be 'agent of positive change'

06/18/2021 | 04:09am EDT

TOKYO, June 18 (Reuters) - Toshiba Corp Board Chairman Osamu Nagayama pledged to be "an agent of positive change, not a protector of the status quo," as he sought support from shareholders ahead of a crucial vote on director nominees next week that is seen as difficult to call.

Nagayama has come under intense pressure to resign after an explosive independent investigation this month found that Toshiba colluded with the Japanese government to block foreign shareholders from having influence on the board.

"As the chairperson my priority is to provide Toshiba with the governance and leadership that you deserve," he said in an open letter to shareholders on Friday.

Shareholder advisory groups Institutional Shareholder Services Inc and Glass Lewis have both recommended against his reappointment as has Toshiba's No. 2 shareholder, Singapore-based 3D Investment Partners.

While Nagayama joined Toshiba in mid-2020 after the alleged pressuring of foreign shareholders took place, they argue that he should take responsibility for the board initially having resisted a shareholder's call for an independent probe.

At an extraordinary general meeting in March, Toshiba shareholders successfully voted for the probe into the allegations that the company sought to unduly influence some investors ahead of last year's annual general meeting. Gaining 58% of the votes, it was a landmark win for corporate governance in Japan.

But it is by no means clear that Toshiba's large activist shareholder base will win the day again next week.

Toshiba's shareholder base has changed somewhat since the conglomerate was reinstated in the Tokyo Stock Exchange's TOPIX index in late February, bringing in index-linked funds. While many of those passive funds were not eligible to vote at the time of the March EGM, they now are.

That has made it difficult to assess whether activist or traditional shareholders will have the upper hand at the June 25 AGM.

In the letter, Nagayama reiterated plans to begin a thorough search for additional independent directors and accelerate the selection process for a new CEO.

Current CEO Satoshi Tsunakawa retook the helm in April after the company's previous leader left amid controversy over a $20 billion buyout bid from private equity firm CVC Capital Partners but has said he does not plan to stay on for too long.

Nagayama in Friday's letter also repeated promises to launch a strategic review committee immediately after the AGM and begin a new inquiry into the allegations.

He also said the board has hired Makinson Cowell, an independent global investor study firm owned by Lazard, to expand the scope of its survey of shareholder opinions while the company makes important strategic decisions.

Prior to joining Toshiba, Nagayama had a well-respected career as CEO of Chugai Pharmaceutical from 1992 to 2018. Chugai became part of the Roche Holding AG group in 2002.

He was also a member of the board at Sony Group Corp for nine years until 2019, coinciding with the electronic giant's emergence from a turbulent earnings period to a sharp recovery.

A Sony spokesperson said in an emailed statement to Reuters: "Nagayama, especially when he served as board chairman for six years since 2013, contributed to building up a governance system that improved corporate value through healthy checks and balances." (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHUGAI PHARMACEUTICAL CO., LTD. -0.38% 4160 End-of-day quote.-24.40%
ROCHE HOLDING AG 0.00% 344.55 Delayed Quote.11.50%
SONY GROUP CORPORATION 0.68% 11050 End-of-day quote.7.44%
TOSHIBA CORPORATION -0.21% 4790 End-of-day quote.66.03%
All news about TOSHIBA CORPORATION
07/21SUMMIT WIRELESS TECHNOLOGIES : ' WiSA Rolls Out SoundSend Certified Program -- S..
MT
07/21Toshiba Corporation Announces Special Dividend, Payable on August 6, 2021
CI
07/08PRESS RELEASE : Shekel brainweigh expands its partnership with monop opening aut..
DJ
07/05TOSHIBA : Kurita and Toshiba Plan Collaborations in the Field of Water Treatment..
PU
07/04Toshiba needs 'prompt, appropriate' disclosure, TSE chief says
RE
07/02TOSHIBA : Mitsubishi Electric CEO to quit over long-running data deceit
RE
07/02MITSUBISHI ELECTRIC : CEO to quit over long-running data deceit
RE
07/01Toshiba Repurchases $108 Million Worth of Shares
MT
06/30TOSHIBA TEC : Larry White takes top role at Toshiba America Business Solutions
AQ
06/30EUROPEAN MIDDAY BRIEFING : Stocks Fall as Positive -2-
DJ
More news
Financials
Sales 2022 3 243 B 29 569 M 29 569 M
Net income 2022 131 B 1 198 M 1 198 M
Net Debt 2022 161 B 1 464 M 1 464 M
P/E ratio 2022 15,9x
Yield 2022 3,97%
Capitalization 2 162 B 19 599 M 19 711 M
EV / Sales 2022 0,72x
EV / Sales 2023 0,69x
Nbr of Employees 117 300
Free-Float 93,4%
Chart TOSHIBA CORPORATION
Duration : Period :
Toshiba Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TOSHIBA CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 4 790,00 JPY
Average target price 4 933,50 JPY
Spread / Average Target 3,00%
EPS Revisions
Managers and Directors
Satoshi Tsunakawa Chairman, Executive President & CEO
Masayoshi Hirata CFO, Head-Accounting & Finance Management
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
Hideaki Ito Head-Technology Planning, R&D Center
Sector and Competitors
1st jan.Capi. (M$)
TOSHIBA CORPORATION66.03%19 640
BERKSHIRE HATHAWAY INC.20.61%637 472
HONEYWELL INTERNATIONAL INC.7.78%158 322
SIEMENS AG14.38%126 856
3M COMPANY15.38%116 903
GENERAL ELECTRIC COMPANY19.63%113 420