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

Toshiba : board chair admits governance issues over gov't collusion

06/14/2021 | 03:19am EDT

Japanese industrial conglomerate Toshiba Corp.'s attempts to fend off foreign activist investors in cooperation with the government ahead of a general shareholders' meeting last year were problematic in terms of compliance and governance, the head of the board said Monday.

Osamu Nagayama, chairman of Toshiba's board of directors, apologized to people concerned, including shareholders, after a probe by lawyers revealed last week that Toshiba sought government help in blocking proposals by foreign activist investors.

Nagayama said former CEO Nobuaki Kurumatani is responsible for having caused confusion with his "confrontational approach" to investors. The ex-CEO chaired the shareholders' meeting.

"I apologize for causing confusion and worry among all stakeholders," Nagayama said in an online briefing.

"We have to say those people (who were engaged in exchanges with the government) lacked awareness about governance and compliance," Nagayama said, referring to the findings of an independent probe by lawyers.

Ahead of the June 25 shareholders' meeting, Toshiba has been pressed against time to ease tensions with foreign activist shareholders, who have a big say following their investments to help the conglomerate cope with financial struggles.

Launched at the request of foreign shareholders, the independent investigation has found Toshiba sought the industry ministry's help in thwarting proposals by foreign activist investors like Singapore-based Effissimo Capital Management Pte. Ltd. in a general shareholders' meeting in July 2020.

Nagayama, who himself has also come under criticism, said priority should be to "rebuild" Toshiba's board.

His remarks came a day after Toshiba in a rare move changed its list of board director nominees pending shareholder approval.

Dropped from the list are Junji Ota, chairman of Toshiba's audit committee, and member Takashi Yamauchi. The audit committee concluded earlier that there was no problem with the shareholders' meeting last year.

Two senior executives mentioned in the independent panel's report -- Corporate Senior Executive Vice President Masayasu Toyohara and Corporate Senior Vice President Masaharu Kamo -- will retire, Toshiba said Sunday.

The panel said last week Toshiba, in collaboration with the ministry, exerted "undue" influence over the shareholders, concluding the meeting was not managed fairly.

==Kyodo

© Kyodo News International, Inc., source Newswire

All news about TOSHIBA CORPORATION
07/30TOSHIBA : strategic review committee to make recommendations soon
RE
07/30TOSHIBA : Statement from the Toshiba Board of Directors
PU
07/30[STORY] TOSHIBA'S YOUNG ENGINEERS : Pursuing comfort through numerical values
PU
07/29TOSHIBA : Releases Arm® Cortex®-M4 Microcontrollers for Motor Control as First P..
PU
07/28ON SEMICONDUCTOR : 16 Mp XGS Sensor Brings High Quality, Low Power Imaging to Fa..
AQ
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
More news
Financials
Sales 2022 3 244 B 29 579 M 29 579 M
Net income 2022 133 B 1 209 M 1 209 M
Net Debt 2022 198 B 1 807 M 1 807 M
P/E ratio 2022 15,4x
Yield 2022 4,04%
Capitalization 2 121 B 19 326 M 19 339 M
EV / Sales 2022 0,71x
EV / Sales 2023 0,68x
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
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 4 700,00 JPY
Average target price 4 943,50 JPY
Spread / Average Target 5,18%
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 CORPORATION62.91%19 326
BERKSHIRE HATHAWAY INC.20.44%636 411
HONEYWELL INTERNATIONAL INC.9.92%161 408
SIEMENS AG11.96%124 721
3M COMPANY13.24%114 536
GENERAL ELECTRIC COMPANY19.91%113 718