TOSBF - Shareholders oust Toshiba board chairman over alleged government collusion

tbradford/iStock Unreleased via Getty Images Toshiba (TOSBF) shareholders have ousted Osamu Nagayama, the chair of the company’s board and one other director, AP News reports. Nagayama had come under pressure to resign after an independent investigation that said Toshiba officials colluded with the Japanese government to curb foreign investors’ influence at previous shareholder meetings. Major shareholders and investment fund Effissimo instigated that investigation, alleging that last year’s meeting, in which Effissimo had nominated dissident directors, wasn’t carried out fairly. Shareholder advisory firms Institutional Shareholder Services and Glass Lewis had recommended shareholders not reappoint him, while 3D Investment Partners, Toshiba's shareholder with a 7.2% stake, had called for his resignation. In a June 18 open letter to shareholders, Nagayama, who also previously served on the Sony Corp. board, sought backing for his reappointment. Toshiba nominated 11 directors at the AGM, including Nagayama. Nobuyuki Kobayashi, a member of the audit committee, was

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Shareholders oust Toshiba board chairman over alleged government collusion