Proxy adviser ISS backs activist shareholder’s proposal for Toshiba probe – Sources

Proxy adviser Institutional Shareholder Services Inc (ISS) on Wednesday recommended that Toshiba Corp shareholders vote for Effissimo Capital Management’s proposal for an independent probe into the Japanese industrial conglomerate.

Toshiba has been embroiled in a row with Singapore-based Effissimo Capital Management, which is calling for a third-party probe into the firm’s annual general meeting (AGM) last year, arguing that the voting rights of several shareholders were compromised.

ISS said in a report seen by Reuters that Toshiba’s internal investigation into the issue was “one-sided.”

“It will be difficult to escape the impression that Toshiba conducted a perfunctory investigation in response to the allegations by Effissimo,” the report said.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.