He removed the Toshiba chair from office in collaboration with the alleged government

Toshiba shareholders have removed the company’s CEO from office in a historic vote that brought down one of the country’s most famous corporate names to unfamiliar territory and marked the focus of investor activism in Japan.

Shareholders ’decision to vote against the re-appointment of Osamu Nagayama at its annual meeting on Friday was said by some of Toshiba’s largest investors to be an inevitable consequence of the company’s long-standing failure to establish better governance.

The vote against the chairman of the board has not been the only one a rare exception in a corporate world that is accustomed to undoubtedly supporting management, but it was particularly striking as it fell into a highly respected business leader.

AGM released it this month independent explosive report At the Toshiba 2020 annual meeting events. The report involved a collaboration between the company and the Japanese government to remove shareholder activists.

The findings of the report also reveal how Toshiba and its shareholders in the Japanese Ministry of Economy, Trade and Industry can be contacted. the company’s efforts Investigate allegations of AGM.

The report concluded that the 2020 AGA was not conducted properly, and the investigation conducted by Toshiba, under the supervision of its audit committee, found no pressure on the company to shareholders.

Since its publication, independent document investors and advisory representatives cited last year as a reason to vote against Nagayama’s re-appointment, as he has served on the board of directors and chairman of the nomination committee for the past year.

Nagayama was appointed to the post after the AGA 2020 and received no criticism in the independent report, but investors argued should be held accountable Because of the way Toshiba does the same research.

Shareholders also refused to reappoint another member of the audit committee to Nobuyuki Kobayashi’s board at a two-and-a-half-hour meeting.

Prior to joining Toshiban, Nagayama was known for helping to turn Sony around and making Chugai Pharmaceutical a global player through its capital with Roche in Switzerland.