Regarding the operation of Toshiba's general meeting of shareholders held in July last year, a third-party committee made up of lawyers appointed by the shareholders published a report, and it cannot be said that the general meeting of shareholders was operated fairly. I concluded.
It is pointed out that Toshiba worked closely with the Ministry of Economy, Trade and Industry to prevent the proposal of "shareholders who say things" and had an unfair impact on some shareholders against the background of authority under the Foreign Exchange Law.
At Toshiba's general meeting of shareholders held in July last year, the investment fund "Effissimo Capital Management", the largest shareholder known as the so-called "shareholder who says things," made a shareholder proposal to increase the number of outside directors he chose. However, it was rejected.
At the extraordinary general meeting of shareholders in March, a third-party committee made up of lawyers proposed and appointed by Effissimo conducted an investigation into whether the operation of this general meeting was fair, and released a report on the 10th.
In the report, Toshiba will work closely with the Ministry of Economy, Trade and Industry, which has seen management turmoil as a problem, in order to prevent the proposal of "shareholders who say things", and will regulate investment in companies that are important for Japan's security. It is pointed out that some shareholders were unfairly affected by the authority under the revised Foreign Exchange Law that stipulated.
On that basis, he concludes that the shareholders' meeting in July last year was not fair.
Regarding this, Toshiba says, "We will carefully consider the content and disclose it at a later date."
The Ministry of Economy, Trade and Industry states, "We are checking the contents of the report and cannot comment at this time."
Toshiba plans to hold an ordinary general meeting of shareholders on June 25 to discuss proposals for the appointment of 13 directors, but it is likely to affect the discussions at the general meeting.