Toshiba shareholders score landmark win with vote for independent probe

TOKYO (Reuters) – Toshiba Corp shareholders voted on Thursday in favour of an independent investigation into allegations that investors were pressured ahead of last year’s annual general meeting – a watershed victory expected to spur more shareholder activism.

The vote marks only the fourth time a shareholder motion has won approval in Japan and the first at a major company that is a household name, albeit one sullied by a string of scandals.

It is also notable for the gravity of allegations that emerged after the AGM. Some Toshiba shareholders had felt pressure to vote in line with management’s wishes on director nominations after contact from a government adviser or the trade ministry, sources have previously told Reuters.