TOKYO :Toshiba Corp shareholders voted in two board directors from activist hedge fund investors at its annual general meeting on Tuesday - an inclusion that is expected to add momentum to its exploration of potential buyout deals.
To date only a few large Japanese companies have brought activist shareholders onto their boards. The inclusion by Toshiba is particularly significant given its history of accounting and governance crises since 2015 and tensions with its large activist investor base. Farallon and Elliott together hold about 10 per cent of Toshiba and activist shareholders are estimated to own roughly a quarter of the company's stock.
Earlier this year, shareholders rejected management-backed plans to split the company in half, prompting Toshiba to restart a strategic review.The appointments of Bhanji and Imai were not without controversy with one board member publicly expressing concern that the board may become too skewed towards the input of activist investors.
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