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Toshiba to review ex-chief’s role in shareholder meeting scandal

Toshiba Corp. Board of Directors Chairperson Osamu Nagayama attends a news conference in Tokyo, Japan on June 14, 2021. (Reuters)
Toshiba Corp. Board of Directors Chairperson Osamu Nagayama attends a news conference in Tokyo, Japan on June 14, 2021. (Reuters)
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14 Jun 2021 09:06:27 GMT9
14 Jun 2021 09:06:27 GMT9

TOKYO: Toshiba Corp. board chairman Osamu Nagayama revealed a plan on Monday to conduct a review with third-party support on the responsibility of former President Nobuaki Kurumatani and others for a shareholder meeting scandal.

The plan came after external lawyers released an investigation report Thursday claiming that the Japanese company colluded with the industry ministry to prevent activist investors from using their voting rights at a general meeting of Toshiba shareholders last July.

Regardless of whether or not the former company chief bears any legal liability for the scandal, “Kurumatani’s responsibility for creating confusion in management and hurting the trust of shareholders is not negligible,” Nagayama told an online news conference.

Nagayama, an outside director, also expressed his eagerness to “rebuild the board of directors,” with the aim of strengthening the company’s corporate governance.

Asked whether he would resign as chairman of the board over the scandal, Nagayama said he would fulfill his duties by making every effort to resolve the current confusion.

In the wake of the investigation report, four Toshiba outside directors, all non-Japanese, expressed objections to a list of candidate directors that the company planned to propose at a general shareholders meeting on June 25.

On Sunday, Toshiba withdrew a plan to reappoint two outside directors who were criticized in the investigation report.

The company will also remove two executive officers who are said to have had contact with the ministry.

JIJI Press

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