Shareholders at Toshiba's June 25 annual general meeting rejected the reappointment of board Chairman Osamu Nagayama, underscoring the depth of their anger with management at the Japanese conglomerate. Toshiba must accept their judgment and put its house in order.
A team of outside lawyers investigated how Toshiba managed its annual meeting held last July. Earlier this month, the team released the results of its probe, which found that last year's meeting was "not fairly managed." Shareholders concluded that Nagayama, who was also head of the nominating committee, was largely responsible.
