Toshiba regains first category of Tokyo Stock Exchange amid calls for better governance

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In this news, we discuss the Toshiba regains first category of Tokyo Stock Exchange amid calls for better governance

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TOKYO (Reuters) – The Tokyo Stock Exchange on Friday approved Toshiba Corp’s return to the first section of the exchange amid calls from some shareholders for better governance of the Japanese industrial conglomerate.

Toshiba, which filed a return request in April last year, will return to the first section on January 29. The company said the return could help lure investors into stock indexes.

The Japanese company was relegated to the second section in 2017 after massive write-downs in its nuclear business in the United States caused asset liabilities to be exceeded – a condition for an automatic demotion.

The TSE move comes as two major shareholders – Singapore-based Effissimo Capital Management and US hedge fund Farallon Capital Management – demand an extraordinary meeting of shareholders on governance issues.

Effissimo Capital called for an investigation at Toshiba’s annual general meeting last July, in which the company said the voting rights of several shareholders had been compromised.

Farallon Capital is asking the company to seek shareholder approval on what the fund has called a change in investment strategy.

Reporting by Makiko Yamazaki; Editing by Jacqueline Wong and Sherry Jacob-Phillips

Original © Thomson Reuters

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