Effissimo Capital Management: Statement Regarding the Result of Toshiba’s Extraordinary General Meeting of Shareholders

SINGAPORE--(BUSINESS WIRE)--The extraordinary general meeting of shareholders of Toshiba Corporation (“Toshiba") held today approved Effissimo Capital Management Pte Ltd’s (“Effissimo”) proposal for the appointment of independent investigators under Article 316, Paragraph 2 of the Companies Act. Support for the proposal demonstrates shareholders’ strong commitment to protecting their most fundamental right - the right to vote.

Despite opposition to the proposal by Toshiba’s management, shareholders approved our proposal to appoint independent investigators to clarify unresolved questions over possible interference with shareholder voting rights at Toshiba’s 181st Ordinary General Meeting of Shareholders (the “2020 AGM”).

The independent investigators will have a broad mandate to examine whether Toshiba's 2020 AGM was conducted fairly. Correspondingly, Toshiba’s directors and executive officers now have a legal obligation to comply with this decision by Toshiba’s shareholders and cooperate with the investigation.

Toshiba’s management should respect the fact that independent investigators have been appointed by the Company’s ultimate decision-making body, the general meeting of shareholders, and fully cooperate to resolve unanswered questions to restore shareholder confidence.

We continue to believe that reforming Toshiba’s compliance and corporate governance functions are critical to improving the Company’s corporate value. As effectively Toshiba's largest shareholder, we look forward to supporting the board as it implements such reforms to achieve the full potential of Toshiba's value.