TOSBF - Toshiba's no. 2 shareholder seeks ouster of board chair three directors

Toshiba's (TOSBF) second largest shareholder is seeking the immediate resignation of the board chairman and three other directors over issues with the company's governance, Reuters reports.The demand reportedly was made in a letter sent today from 3D Investment Partners, which owns a 7.2% stake in Toshiba.The move follows recommendations from proxy advisory firms ISS and Glass Lewis to vote against Chairman Osamu Nagayama and other board members, after an investigation found the company had colluded with the Japanese government to pressure a key shareholder vote last July that put in place its current directors.ISS says the findings of the probe showed the July 2020 shareholder meeting "was not fairly managed."The advisory firms do not oppose current Toshiba President and CEO Satoshi Tsunakawa and seven other candidates.Tsunakawa was awarded the position in April after CEO Nobuaki Kurumatani stepped down due to a loss of support among company insiders and shareholders.

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Toshiba's no. 2 shareholder seeks ouster of board chair, three directors