Toshiba shareholders oust chairman in rare victoryBloombergToshiba Corp shareholders voted to oust Osamu Nagayama as board chairman in a rare triumph for activist investors seeking fundamental reform after years of scandal and allegations of mismanagement. The surprise decision on Nagayama, the 74-year-old outside director some investors opposed publicly, came after a contentious meeting with shareholders that extended for nearly three hours. A staff, left, guides shareholders attending Toshiba Corp’s annual general meeting in Tokyo yesterday. For decades, corporations like Toshiba have been run with what critics say is little regard for the interests of private shareholders. The 139-page document by three independent investigators outlined how Toshiba management allegedly worked hand in hand with public officials in an attempt to sway the outcome of last year’s AGM.

Source: Taipei Times June 25, 2021 15:56 UTC