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Shareholders of Toshiba elect activist directors

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The company says it has received eight bids to privatise the company and two offers to form business alliances

Toshiba shareholders elected representatives of two vocal activist hedge funds to the board in a contentious meeting, bringing the scandal-tainted industrial giant a step closer to possible privatisation.

“We believe management and shareholders can share the same footing by welcoming Imai and Bhanji to the board,” COO Goro Yanase said. Retail investors at the meeting questioned the appointments of both Imai and Bhanji as well as the need for privatisation. Shareholders asked whether the activist funds’ interests were aligned with what was good for the company over the long-term.

 

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