The proxy advisor ISS supports the activist-shareholder’s proposal for the Toshiba probe
© Reuters. FILE PHOTO: Reporters raise hands for a question during a press conference held by Satoshi Tsunakawa, CEO of Toshiba Corp, at the company’s Tokyo headquarters
TOKYO (Reuters) – Proxy advisor Institutional Shareholder Services Inc (ISS) on Wednesday recommended Toshiba (OTC 🙂 Corp. shareholders to vote in favor of Effissimo Capital Management’s proposal for an independent investigation into the Japanese industrial conglomerate.
Toshiba has been implicated in a series with Singapore-based Effissimo Capital Management demanding a third party investigation into the company’s annual general meeting last year on the grounds that several shareholders’ voting rights were compromised.
ISS said in a Reuters report that Toshiba’s internal investigation into the problem was “one-sided”.
“It will be difficult to avoid the impression that Toshiba conducted a cursory investigation in response to Effissimo’s allegations,” the report said.
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