Toshiba Corp. said it will drop two existing directors from its board as major shareholders demanded accountability after a probe showed unfair practices in last year¡¯s selection process.
The conglomerate won¡¯t put forward the names of Junji Ota and Takashi Yamauchi for another term, it said in a statement after a special meeting on Sunday. It also won¡¯t reappoint executive officers Masayasu Toyohara and Masaharu Kamo, the company said.
A independent probe showed Toshiba sought government help in an attempt to influence a key shareholder vote that installed its slate of directors. The company ¡°devised a plan to effectively prevent shareholders¡± from exercising their rights at a July 2020 meeting, working with Japan¡¯s trade ministry to counter activist investors, according to the 139-page report released last week and overseen by three lawyers.
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