This archive report was first published on 25 June 2021.
June 25, 2021, marked a significant day for Toshiba as shareholders voted out the company's board chairman, Osamu Nagayama, amidst a governance scandal.
The ouster of Mr. Nagayama, 74, represents a major victory for foreign investors who have been pushing the conservative Japanese company to improve its governance.
According to an independent investigation, Toshiba's top executives had colluded with high-ranking officials at Japan's trade ministry to dissuade shareholders from exercising their voting rights at last year's general meeting.
The scandal led to the resignation of Toshiba's chief executive, Nobuaki Kurumatani, as well as four board members. However, Mr. Nagayama had stayed on, arguing that he had a responsibility to clean up the company's governance.
Shareholders disagreed, voting against him and another board member, Nobuyuki Kobayashi, who served on the board's audit committee.
