) has called for a third-party investigation into the conglomerate’s annual shareholder meeting, saying its vote was not fully recognized in a potential breach of governance.The demand from Singapore-based 3D Investment Partners is likely to sharpen scrutiny of the treatment of Toshiba’s foreign investors. It follows a contentious, but failed, attempt by foreign shareholders to elect some new independent directors to Toshiba’s board at the July 31 meeting.
“Such administration of shareholders meetings by Toshiba was at least improper and was questionable from the viewpoint of corporate governance,” 3D said in the letter. Another voting form mailed from the same post office on July 28 reached Sumitomo Mitsui Trust a day later, and was in time for the meeting, 3D said.
Toshiba CEO Kurumatani held on to his job, but a breakdown of voting results from the meeting showed a precipitous slide in support to just 58% from 99% a year earlier - a rare rebuke of a Japan Inc chief executive.