Toshiba Corp’s (6502.T) second-biggest shareholder on Sunday demanded the board chairman and three other directors immediately resign after an investigation found the company had colluded with the Japanese government to pressure foreign investors.
The letter, seen by Reuters, is from 3D Investment Partners, which owns a 7.2 per cent stake in Toshiba. It was sent to the four on Sunday, according to people with direct knowledge of the process.
It is likely to heighten scrutiny into governance at Toshiba, a renowned industrial conglomerate in crisis sparked by Thursday’s report. The shareholder-commissioned report marked an explosive turn in a long battle between the Japanese company’s management and foreign shareholders.
In addition to 3D, these shareholders include activist investors and Harvard University’s endowment fund. read more
“It is also troubling that you have been silent about the investigative report and have failed to accept responsibility for the misconduct that occurred under your oversight as chair of the board,” the letter says.
Toshiba declined to comment on the letter, telling Reuters in a statement it was “carefully reviewing the content of the investigation report and plans to announce its comments towards this investigation result after the review.”
Four independent directors, all non-Japanese, have said in a sign of revolt that they were no longer in support of the full slate of director candidates nominated by Toshiba. read more