Elevator pitch

14 Jan 2021 By Jeffrey Goldfarb Follow @jgfarb

The $13 bln Japanese conglomerate is under fire from hedge fund Farallon over its strategy while Effissimo wants a probe into a vote scandal. Their demands for shareholder meetings reflect a lack of trust in boss Nobuaki Kurumatani that’s also evident in a lacklustre valuation.

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U.S. hedge fund Farallon Capital Management said on Dec. 24 that it had asked Toshiba to convene an extraordinary shareholders meeting to force the company to lay out its new growth strategy and seek investor feedback.

Toshiba said it would carefully examine the details of the demand and announce a decision in due course.

Another Toshiba shareholder, Effissimo Capital Management, has separately called for an extraordinary shareholder meeting to demand an investigation into the company’s annual meeting, at which it said the voting rights of some investors had been compromised.

A Japanese government adviser told Harvard University’s endowment fund that its ballot could be subject to a regulatory probe if it voted against Toshiba management, Reuters reported on Dec. 24, citing unnamed sources. The Financial Times had previously reported separate details about the matter.

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Toshiba said it would carefully examine the details of the demand and announce a decision in due course.

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