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 : Four key points from investigation into Toshiba's governance

06/10/2021 | 11:18am EDT

TOKYO (Reuters) - Japan's influential trade ministry colluded with Toshiba Corp's management to unduly influence a key shareholder vote last year, the report of an independent probe released on Thursday found.

Here are some takeaways from the report:

TOSHIBA ASKED MINISTRY FOR HELP

Toshiba's management turned to the Ministry of Economy Trade and Industry (METI) for assistance ahead of its annual general meeting (AGM), as it faced pressure from activist shareholders.

"Toshiba requested METI's support for the so-called measures to counter the activists at the AGM" and "worked in unison" with the ministry "to deal with shareholders", the report found.

FOREIGN OWNERSHIP RULES WERE KEY

Reuters last year reported how rules introduced in 2020 and designed to protect industries critical to Japan's national security may have been used to put pressure on Toshiba's top shareholder, Effissimo Capital Management.

The independent probe highlighted how those revised foreign ownership rules were used to keep foreign investors in check.

In one case, Singapore based 3D Investment Partners was told by METI that it could be subject regulatory scrutiny under the rules if it backed an Effissimo proposal.

BREAKFAST WITH SUGA

The report details a July 2020 breakfast meeting between then Chief Cabinet Secretary Yoshihide Suga, who is now the prime minister, and a senior Toshiba executive.

Suga allegedly told the executive: "If we are aggressive, we can get them with the (foreign ownership rules)," according to the report.

Asked about his alleged comment, Suga told reporters: "I am absolutely not aware of that. There was nothing of that sort."

AUDIT COMMITTEE FAILED IN OVERSIGHT

At least one member of Toshiba's audit committee saw emails where executives made remarks such as "We will ask METI to beat them up for a while," suggesting that the executives, with METI's help, were trying to prevent shareholders from exercising their rights, the report found.

The audit committee did not take action, the report said.

"The audit committee did not report these issues to the board of directors as problematic... in light of this, we believe that Toshiba's audit committee was unable to fully perform its check and balance function."

(Reporting by Makiko Yamazaki and David Dolan;Editing by Elaine Hardcastle)


© Reuters 2021
All news about TOSHIBA CORPORATION
06/18TOSHIBA  : Former U.S. Ambassador throws support behind embattled Toshiba board ..
RE
06/18Former u.s. ambassador to japan john roos issues statement on toshiba corp bo..
RE
06/18Ahead of pivotal AGM, Toshiba board chairman vows to be 'agent of positive ch..
RE
06/18Ahead of pivotal AGM, Toshiba board chairman vows to be 'agent of positive ch..
RE
06/18TOSHIBA BOARD CHAIRMAN : Has hired global investor study firm makinson cowell to..
RE
06/18Toshiba board chairman says will accelerate selection process for ceo success..
RE
06/18Toshiba chairman pledges to search for additional directors with experience m..
RE
06/18Toshiba chairman says main responsibility is to provide governance and leader..
RE
06/18TOSHIBA  : Chairperson of the Board of Directors Issues Open Letter to its Share..
PU
06/18NIKKEI 225  : Japanese Shares Suffer Losses for Third Straight Day; Mazda Motor ..
MT
More news
Financials
Sales 2021 3 076 B 27 906 M 27 906 M
Net income 2021 84 063 M 763 M 763 M
Net Debt 2021 70 157 M 636 M 636 M
P/E ratio 2021 25,7x
Yield 2021 1,03%
Capitalization 2 167 B 19 655 M 19 660 M
EV / Sales 2021 0,73x
EV / Sales 2022 0,72x
Nbr of Employees 125 648
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
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 4 753,50 JPY
Last Close Price 4 775,00 JPY
Spread / Highest target 14,2%
Spread / Average Target -0,45%
Spread / Lowest Target -17,7%
EPS Revisions
Managers and Directors
NameTitle
Masayoshi Hirata Chief Financial Officer & Head-Accounting
Satoshi Tsunakawa President & Chief Executive Officer
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
Yoshimitsu Kobayashi Independent Outside Director
Sector and Competitors
1st jan.Capitalization (M$)
TOSHIBA CORPORATION65.51%19 655
BERKSHIRE HATHAWAY INC.18.66%626 851
HONEYWELL INTERNATIONAL INC.-0.09%147 593
SIEMENS AG13.77%126 658
GENERAL ELECTRIC COMPANY18.33%112 191
3M COMPANY9.62%111 066