Toshiba says shareholders reject activists-backed board nominees in vote

The logo of Toshiba Corp is seen behind cherry blossoms at the company's headquarters in Tokyo
FILE PHOTO: The logo of Toshiba Corp is seen behind cherry blossoms at the company's headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai

July 31, 2020

TOKYO (Reuters) – Toshiba Corp <6502.T> shareholders voted down board director nominees backed by two activist funds, the Japanese company said, winning a closely contested proxy fight with two of its major investors.

Effissimo Capital Management, the top shareholder, called for Toshiba to elect an Effissimo co-founder and two others as outside directors, while the 3D Opportunity Master Fund sought the election of two candidates it is nominating.

Toshiba, which opposed the proposals for additional directors, didn’t disclose the proportions of the votes. Its own 12 nominees received support from a majority of shareholders, the company said.

(Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)