Achorary revolt at toshiba
The shareholders of the scandal-plagued japanese industrial group toshiba surpassed the chairman of the chairman of the company, osamu nagayama,. This is so unusual in japan. Observers evaluate this as a breakthrough to make japan’s scanned companies more transparent and accountable.
The deduction of nagayamas had preceded an independent examination. She has loud new york times uncovered that conductors of toshibas have worked with the japanese government to burst prere on investors. Accordingly, the toshiba group management council was worried about the plan of the in-singapore-accessible rough action effissimo capital management, to elect a new supervisory rate.
Fuhrungsfarfte toshibas then turned to officials of the japanese ministry of commerce to jointly move effissimo capital management. The 139-page examination report of three independent investigators describes how the management toshiba’s hand should have worked in hand with government officials to influence the result of the last-year-old annual general meeting. A high-ranking toshiba manager even demands that company and government the renitentians actions "mess up". Among the officers mentioned is today’s prime minister yoshihide suga.
No confidence in nagayama
The tactic was successful for the time being. The then ceo nobuaki kurumatani became short year ago, but just, re-elected. But effissimo was able to enforce the independent examination. After publication of the report, toshiba boss kurumatani had to throw the towel, as two more high-ranking managers and two administrative rate.
Nagayama, formerly ceo chugai pharmaceuticals and board member sonys, was not involved in the scandal. He stayed in office for the time being. But the shareholders were not convinced that toshiba does enough to tackle the serious premieges against the company. After a passionately guided annual general meeting and much criticism, the 74-year nagayama had to take his hat. Since friday evening, the satoshi tsunakawa certain satoshi tsunakawa certain in april is also chairman of the board of directors, at least before.
Paradigm change for japanese company
Nagayamas along is highly unusual for japan’s conservative corporate culture, in which corporations such as toshiba declined with little jerking on interests of private actionaries. "Given the importance of toshiba as a top company and the high positions of the government officials involved and management, the vote is a message of domestic investors, that misconduct and briefing in the past are analyzed and not more long-tolerated", said justin tang from the investment consultant united first partners in singapore bloomberg. "This result is a sign of a paradigm shift in japan and becomes activist investors, whether foreign or domestic, only encourage."
Once a historic name in japan, toshiba has shrunk dramatically after years of management errors. After a balance sheet scandal, the company had to pay a record penalty. Then toshiba had to send his nuclear daughter into the bankruptcy, which cost billions. Three decades ago, although toshiba invented the flash storage stick, but was forced to sell the large part of his once lucrative chip business because of the nuclear losses. This deal brought fresh capital – but also new, more committed actions.