Toshiba says it will overcome over-dependence on government

FILE PHOTO: Toshiba Corp Annual General Meeting with Shareholders in Tokyo
FILE PHOTO: The Toshiba Corp logo is pictured at the annual general meeting in Tokyo, Japan, June 25, 2021. REUTERS / Kim Kyung-Hoon / File Photo

December 16, 2021

TOKYO (Reuters) -Toshiba Corp on Thursday pledged to rectify its excessive reliance on administrative agencies after an investigation found it colluded with Japan’s commerce ministry to pressure regulators. foreign shareholders.

A shareholder-authorized report in June concluded that the company colluded with the ministry to prevent foreign investors from gaining influence at last year’s shareholder meeting.

Specifically, Toshiba said it would keep records of communications between its executives and senior government officials and allow the board’s audit committee to view those records regularly.

The Japanese industrial group also said it would work to gain shareholders’ understanding “without reinforcing a one-sided view of foreign investment funds and without being bound by prejudice.” and prejudice”.

(Reporting by Sakura Murakami and Makiko Yamazaki; Editing by Clarence Fernandez and Edwina Gibbs) Toshiba says it will overcome over-dependence on government

Bobby Allyn

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