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Consulting agency ISS recommends voting in opposition to the chairman of Toshiba

© Reuters. FILE PHOTO: The Toshiba Corp. logo. can be seen next to a traffic light on a building in Tokyo, Japan, June 11, 2021. REUTERS / Issei Kato

TOKYO (Reuters) – Toshiba (OTC 🙂 Corp shareholders should vote against the reappointment of CEO Osamu Nagayama and four other directors, ISS recommended on Saturday.

Institutional Shareholder Services Inc's (ISS) recommendation follows an explosive shareholder-commissioned investigation into which Toshiba was accused of partnering with the Japanese government to pressure foreign investors.

The report of the investigation, released Thursday, revealed how the conglomerate turned to the Department of Economy, Trade and Industry (METI) to get it to "beat up" foreign shareholders.

ISS advised shareholders to oppose the reappointment of current members of the Nomination and Audit Committees at the Annual General Meeting on June 25.

"One could argue that the investigation report was not released until June 10th, there was no time to change directors," said ISS in its report released on Saturday and viewed by Reuters.

However, it is "unthinkable that the members of the nomination committee were not aware of the importance of the incident and the related concerns of the shareholders", as allegations have been made for a long time.

Glass Lewis, another US consultancy, also called on shareholders at this year's AGM to vote against the reappointment of the same five directors.

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