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Activist Toshiba shareholders score landmark win with vote for independent probe

Activist Toshiba shareholders score landmark win with vote for independent probe

FILE PHOTO: Reporters raise their hands during a Toshiba news conference at the company's headquarters in Tokyo, Japan June 23, 2017. REUTERS/Issei Kato/File Photo

TOKYO: Toshiba Corp said on Thursday a majority of shareholders had voted for an independent probe into allegations that investors had been pressured ahead of last year's annual general meeting: a landmark win for Japanese corporate governance.

Activist investor Effissimo Capital Management, which is Toshiba's largest shareholder with a 9.9per cent stake, made the proposal after complaints that shareholders were pressured into following management recommendations for director nominations.

(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)

Source: Reuters

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