Toshiba was involved in a scandal with the accounting reporting in 2015, two years later bankruptcy has been a subsidiary of energy company in the United States, and traditionally closed to foreigners, Japanese corporations had to sell part of the assets of foreign funds. They continue to put pressure on the leadership Toshiba, accusing him of low efficiency of management.
Now 60% of Toshiba shares owned by foreign investors, about half of them went to collections, which traditionally try to take an active part in the management of the Corporation. Last year, under pressure from Fund King Street Capital the Board of Directors of Toshiba has introduced seven new independent members. This year, as noted by Reuters, the activists attempted to enter in the composition of the Board of Directors of Toshiba five representatives, but the voting was only one candidate. He became the founder of the Foundation Effissimo Capital Management, Eijiro Imai (Yoichiro Saito), who received 43 % of the vote.
This Fund owns a 9.9 % stake to Toshiba, its representatives have previously acted with criticism of the current leadership of the Corporation convicted of another manipulation statements. Held this week a meeting of shareholders showed that the current head of Toshiba, Nobuaki Kurumatani (Nobuaki Kurumatani, pictured above) enjoys the trust of only 58 % of shareholders voted against last year’s 99 %. Investment funds trying to influence the policy of Toshiba through their representatives in the Board of Directors, and Japanese corporations under the current capital structure is not so many opportunities to avoid this.