The chairman of the Toshiba committee rejected the call of the shareholders to resign and stressed that their position was to address the crisis in the Japanese company as the religious conference came to a standstill.
Osamu Nagayama refused to give up as the company prepares for its second emergency meeting last year. independent report which revealed an alliance between the company and the Japanese government to oppress investors.
The criticism report, which also includes allegations that Toshiba’s management discussed “beating” other shareholders and officials from the Ministry of Finance, Trade and Industry, confirmed that Toshiba’s 2020 annual meeting was not conducted smoothly.
The survey also found that Yoshihide Suga, Japan’s prime minister, was well aware of Toshiba’s campaign last year as secretary-general. Suga denies this.
Nagayama used a 75-minute press conference on Monday to cover Toshiba’s case against Nobuaki Kurumatani, a former official who was forced to resign in April. He said the main cause of the company’s problems was a “small altercation with shareholders” sponsored by Kurumatani.
Nagayama accepted his call to step down and admitted flaws in the management of a company that suffered a financial crisis, bankruptcy and a humiliating downturn in the second phase of the Tokyo Stock Exchange since 2015.
“The commission needs to address this issue by changing the way we act,” he said, adding that his role was to address the crisis.
“There is a responsibility [by stepping down] it is my responsibility to fulfill my responsibility and I want to fulfill my responsibility, ”he said.
Nagayama’s comments came as Institutional Shareholder Services, a co-founder, said it would encourage shareholders to vote by electing a chair at the AGM next week.
The chief financial officer was “just shocked” by Nagayama’s comments, apologetic and failing to take responsibility even though he oversees the committee and the selection committee.
One of Toshiba’s major stakeholders said Nagayama “sounded like a stranger” and did not say why he thought he was the right person to lead the organization.
A press conference in Nagayama was followed by a marathon sudden Toshiba board meeting On Sunday, one of its members reportedly had several major disputes as the company began to take action.
After the meeting, Toshiba said he had removed two of his nominees from the committee. Both men were members of an accounting committee that determined that there was nothing wrong with last year’s AGM. The independent report contradicts this.
The ISS responded to Toshiba’s former director-general, saying Nagayama “has a key role to play in selecting candidates, and has a key role to play in directing the committee”.
“The problems of shareholders are increasing because they will continue to chair the committee after this. [AGM], ”He added.
Shares at Toshiba rose 2.7% on Monday.
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