TOKYO (Reuters) – Proxy Institutional Shareholder Services Inc (ISS) advisor on Wednesday suggested that Toshiba Corp. shareholders should vote for Effissimo Capital Management’s proposal for an independent probe into the Japanese business conglomerate.
Toshiba was introduced in a series by Singapore-based Effissimo Capital Management, which wants a third-party probe into the company’s annual general meeting (AGM) last year, arguing that endangering the voting rights of several shareholders.
ISS said in a report seen by Reuters that Toshiba’s internal investigation into the matter was “one-sided. ”
“It will be difficult to overcome the notion that Toshiba carried out a perfunctory investigation in response to the allegations by Effissimo,” the report said.
Reciting with Makiko Yamazaki; Edited by Shri Navaratnam and Edwina Gibbs