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Business trends

Toshiba activist investor Effissimo wins battle over management

Shareholder vote launches investigation into management conduct

A majority of Toshiba shareholders voted for an independent probe of alleged voting irregularities in the reappointment of CEO Nobuaki Kurumatani. (Source photos by Tokuyuki Matsubuchi and AP)

TOKYO -- A majority of Toshiba's shareholders voted on Thursday for an independent investigation into alleged voting irregularities at the company's annual general meeting last year, in a victory for activist investors over the Japanese group's management.

Effissimo Capital Management, which holds 9.9% of Toshiba shares, called for the investigation to look into whether management exerted influence on shareholders during last July's meeting to vote in favor of reappointing CEO and President Nobuaki Kurumatani, or to abstain from voting.

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