Toshiba Shareholders Approve Proposal to Invite Activist Investors to Board

By Megumi Fujikawa

TOKYO--Toshiba Corp. shareholders on Tuesday approved the company's proposal to invite representatives from two foreign activist funds onto its board.

Toshiba is aiming at improving its relationship with foreign shareholders by appointing new directors from major U.S.-based shareholders Elliott Management Corp. and Farallon Capital Management LLC.

Following the appointments of Nabeel Bhanji, senior portfolio manager of Elliott Investment Management, and Eijiro Imai, managing director at Farallon Capital Japan, nearly half of Toshiba's board has ties with a small group of major foreign shareholders.

Write to Megumi Fujikawa at [e-mail]

(END) Dow Jones Newswires

06-27-22 2337ET