TOKYO, June 11 — Toshiba Corp and Japan’s government colluded to lean on foreign investors to back company management in a key vote, according to an investigation which alleged one executive said they would ask the trade ministry to “beat up” a hedge fund.
The report was commissioned by shareholders, who voted in March for an independent investigation into allegations investors had come under pressure from the company. That vote was seen as a watershed moment for shareholder activism in Japan.investors in a breakfast meeting with a senior company executive last July.
The allegations of METI’s intervention — previously reported by Reuters — are likely to raise doubts about Japan’s commitment to improving governance and drawing more foreign investors, goals set by former Prime Minister Shinzo Abe.had “devised a plan to effectively prevent shareholders from exercising their shareholder proposal right and voting rights,” by putting undue influence on Effissimo, the Harvard fund and another fund, 3D Investment Partners.
Some of the actions raised “suspicions of violations of laws and regulations in many places”, the report said. Investigators later told a news conference that the violations may involve confidentiality requirements for bureaucrats.“The conclusions and facts in this report are very disturbing,” said Nicholas Benes, head of the non-profit Board Director Training Institute of Japan.
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