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Four Toshiba executives, including two board members, had to be removed from office after a hot four-hour emergency committee meeting on Sunday.
One of the most famous names in Japanese industry published last week at a meeting that deepens the governance crisis damn report to eliminate activist investors in the company’s collaboration with the government.
The 147-page independent report, brought together by outside lawyers, stemmed from an unprecedented shareholder uprising and provides explicit details about the “dark arts” campaign organized by Toshiba and officials from the Ministry of Economy, Trade and Industry (Meti). The report also alleges that the campaign’s then-secretary-in-chief, now Prime Minister Yoshihide Suga, has denied the claim.
The contents of the report terrified several members of Toshiba’s management. In a joint statement issued Friday, four non-executive directors said the actions were taken by management and management “unacceptable and directly against the interests of our shareholders.” In a strange act of rebellion, they said they no longer supported Toshiba’s June 25 list of nominated directors at its annual shareholders ’meeting.
On Sunday, the same four board members has released a release they expressed their satisfaction “under the guidance of the President [Osamu] Nagayama has announced several major changes to Toshiba today. ”
Nonetheless, some of Toshiba’s largest shareholders privately said they believed the situation called for the resignation of the board of directors, which could gain momentum as investors decide whether to vote against the reappointment of Nagayama and Toshiba’s other full board directors. AGM.
The four ousted Toshiba executives had previously misled the board of directors and a second member of the board, concluding that there was nothing wrong with the company’s 2020 annual shareholders ’meeting. In close proximity, Sunday’s board of directors discussed whether all members of the audit committee should have at least a certified practicing accountant (CPA) degree.
Masaharu Kamo and Masayasu Toyohara were prominently nominated in the report – and now among the four executives forced to step down. The two directors were in direct contact with the ministry: Toyohara, according to investigators, asked the government to “beat” the most troubled shareholders.
Kamo, who was he poached Only at the hands of McKinsey last year, after the accounting and financial crisis, was it taken as the key behind the group’s plan.
The report was Toshiba’s 2020 AGM, and the company’s largest investors made an effort to vote for Toshiba’s then-chief executive Nobuaki Kurumatani. He voted alive, but the independent report concluded that the process was “not quite correct.”
Kurumatani resigned in April, to direct the investor care management to a commitment to appoint a Strategic Review Committee (SRC) to guide the company through its crisis. Two of the largest investors told FT that one of the committee’s most urgent tasks will be to evaluate the potential offers of private equity firms for the company after the CVC makes a $ 20 billion takeover bid.
Although Toshiba increased calls for independent committee members and investors to nominate SRC members on Sunday, people close to the situation said it had not yet happened.
In his first formal statement Since the release of the independent report, Toshiba said on Sunday that it will take steps to identify the cause of the 2020 AGA issues.
“We will clarify responsibilities, take appropriate measures to prevent them from happening again, and use that experience to improve transparency in our management,” Toshiba said.
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