Business Wire

Glass Lewis Joins ISS in Recommending Toshiba Shareholders Vote “FOR” the Election of All 12 Toshiba Director Nominees

Share

Toshiba Corporation (TOKYO: 6502) today announced that Glass Lewis & Co. (“Glass Lewis”), a leading independent proxy advisory firm, has recommended that shareholders vote for all 12 of Toshiba’s highly-qualified director nominees at the Company’s Ordinary General Meeting of Shareholders for the 181st Fiscal Period, to be held on July 31, 2020. Glass Lewis’ recommendation follows Institutional Shareholder Services’ (“ISS”) recommendation that Toshiba shareholders also vote for all 12 of Toshiba’s nominees and supports Toshiba’s position that its 12 nominees are the right leaders to guide the Company and create long-term shareholder value.

As Glass Lewis stated in its independent report1: “The Company has appointed a high number of independent directors to its board. At the forthcoming annual general meeting of shareholders, the Company has nominated 12 directors to the board, including 10 outside directors, all of whom we consider to be truly independent. We commend the Company for nominating more than 50% of truly independent directors to its board, a practice which is rare in Japan.”

Toshiba’s Board of Directors stated, “We are pleased Glass Lewis has joined ISS in recommending that Toshiba shareholders vote for all of our director nominees. The support of the two leading independent proxy advisory firms further validates that last year’s significant Board refreshment with shareholder input created a highly diverse and qualified Board that has the right mix of skills, experiences, and new perspectives to provide independent oversight of the continued execution of our transformational Toshiba Next Plan (TNP). Through the TNP, we expect to position the Company for the future and deliver sustainable long-term growth and value to all of our shareholders. We strongly encourage Toshiba shareholders to vote for our director nominees at our upcoming Ordinary General Meeting of Shareholders.”

In making its recommendation, Glass Lewis noted:

  • “Having reviewed the available arguments, as well as Toshiba's rebuttals, while we acknowledge legacy issues at Toshiba cast a rather long shadow, we do not believe either of Effissimo or 3DI have offered clear and compelling cause to support their nominees at this time.”
  • “…with reference to the experience and expertise of Toshiba's candidates, we do not believe there is suitable cause to support the nominees advanced by either Effissimo or 3DI at this time.”

ISS agrees. In its recent report, ISS noted2: “…our analysis and engagement with the company suggest that the recently reconstituted board is appropriately focused on the key issues impacting Toshiba. As such, additional change at the board level does not appear necessary.”

The Board unanimously recommends that Toshiba shareholders to vote “FOR” director candidates 1-12 and “AGAINST” candidates 13-17, as listed in our Convocation Notice.

Institutional investors and those shareholders holding shares through a custodian or intermediary should directly contact their custodian or voting platform provider for proxy voting instructions. Please be mindful that custodial vote deadlines may be very much earlier than the market deadline of 17:15 JST on 30 July 2020. Shareholders are encouraged to submit their proxy votes online through the electronic voting platform ProxyEdge operated by ICJ, Inc., if they have applied in advance to do so. Please refer to the Convocation Notice for further guidance, which can be found at https://www.toshiba.co.jp/about/ir/en/stock/meeting.htm.

1 Permission to quote from the Glass Lewis report was neither sought nor obtained.
2 Permission to quote from the ISS report was neither sought nor obtained.

Contact information

Investor Contact
Investor Relations Group, Planning & Investor Relations Office
Strategic Planning Div.
Toshiba Corporation
Phone: +81-3-3457-2096
Email: ir@toshiba.co.jp

Media Contact
Midori Hara
Media Relations Group, Public Relations Office
Corporate Communications Div.
Toshiba Corporation
Phone: +81-3-3457-2100
Email: media.relations@toshiba.co.jp

International Media Contact
Sard Verbinnen & Co. for Toshiba:
John Christiansen/David Millar/Ron Low
Phone: +1-415-618-8750/+1-212-687-8080/+852-3842-2200
Email: Toshiba-SVC@sardverb.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Eaton Launches New Line of Wireless Mobile Control Solutions for Heavy Machinery and Field Operations14.8.2020 00:51:00 EESTPress release

Power management company Eaton today announced its eMobility business has launched a new and improved line of Eaton OMNEX Trusted Wireless™ mobile control solutions for heavy machinery and field operations. The 900 MHz two-way remote-control units allow for the wireless control of high-value machinery in harsh environments, including mining, construction, agriculture, locomotive and marine markets. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200813005826/en/ Eaton's new OMNEX Trusted Wireless™ controllers can remotely operate heavy machinery, such as vacuum trucks, tow trucks, concrete mixers and cranes. (Photo: Business Wire) “Our next generation of rugged, weatherproof OMNEX wireless controllers were designed with customer input, and offer a number of benefits, including enhanced safety and productivity for machine operators,” said Scott Adams, president, eMobility, Eaton. “Overall, we’ve improved upon the reliability a

IFF to Hold Virtual Special Meeting of Shareholders on August 2713.8.2020 23:15:00 EESTPress release

Regulatory News: IFF (NYSE: IFF) (Euronext Paris: IFF) (TASE: IFF), a leading innovator of taste, scent, and nutrition, announced today that the previously communicated special meeting of shareholders to consider and vote on the issuance of shares of IFF common stock in connection with the previously announced proposed merger of IFF and DuPont’s Nutrition & Biosciences (“N&B”) business pursuant to a Reverse Morris Trust transaction (the “special meeting”) has been changed to a virtual-only meeting due to the continued public health concerns over the COVID-19 outbreak and the health and safety of its shareholders and employees. Accordingly, the special meeting, to be held on Thursday, August 27, 2020 at 10:00 a.m. Eastern Time, will be held only virtually on the Internet at www.virtualshareholdermeeting.com/IFF2020SM. Shareholders will not be able to attend the meeting or vote physically in person. We have designed the format of the special meeting to provide shareholders the same right

PTC Makes Enterprise Version of Onshape Education Suite Available Free of Charge13.8.2020 23:00:00 EESTPress release

In advance of the 2020-2021 school year, PTC (NASDAQ: PTC) has made the Onshape® Education Suite’s newly-released Enterprise plan available free-of-charge for K-12 schools and universities that register through November 20, 2020. The newest version of the cloud-based, remote learning suite is offered alongside the Onshape Education Standard plan to help alleviate the burden experienced by educational STEM programs during the COVID-19 pandemic. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200813005767/en/ The Onshape Education plans are the educational versions of PTC’s Software as a Service product, designed to enable computer-aided design (CAD) activities in a remote learning environment. The Education Standard plan has been free to educational institutions since 2016 and is available to students and educators who want to use professional-grade CAD that is completely online. The newly released Education Enterprise plan bu

DeltaTrak Enhances Its Cold Chain Restart Program to Help Customers Battle COVID-1913.8.2020 19:00:00 EESTPress release

DeltaTrak®, a leading innovator of cold chain solutions, is enhancing its Cold Chain Restart Program to offer customers safer and more efficient methods to protect their employees and clients from the COVID-19 pandemic. The program was created to help companies reopen on a safe footing by providing access to critically needed PPE solutions. Following an extremely positive response, DeltaTrak has added the ThermoTrace Auto-Check Non-Contact Infrared Forehead Thermometer and Touchless Hand Sanitizer Dispenser to address the need for effective, contactless and hands-free options for temperature measurement and sanitization. “The increased demand for safety and sanitization equipment is driven by our customers’ need to conduct business safely without jeopardizing the health of employees and customers when it comes to using thermometers and hand sanitizers,” said Frederick Wu, President and CEO of DeltaTrak. “Gaining access to these solutions remains a major challenge and we are confident t

Verimatrix to Sponsor Virtual SportsPro Media INSIDER Series Featuring Broadcasting Experts From the NFL, Octagon, Astro, The FA, European Tour & More13.8.2020 18:35:00 EESTPress release

Regulatory News: Verimatrix (Paris:VMX) (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced that Chief Revenue Officer Lu Bolden will join a lineup of sports broadcasting experts to speak on the future of the industry with today’s new need to protect ever-growing amounts of streamed sports and esports. Registration is free. Visit www.insider.sportspromedia.com. With an eye on highlighting the largely unchartered challenges that come with new methods of reaching all types of sports fans, the SportsPro Media INSIDER Series serves as a valuable venue for those seeking to protect revenues when fans are at home instead of stadiums. Traditional sports have found themselves facing the same new business model decisions that esports has organically addressed over the last several years. That makes for a big shift – where new revenue streams are created at warp speed with various streaming and broadcast options for countless typ

Andersen Global Continues African Expansion in Key Markets; Debuts in Mali13.8.2020 16:30:00 EESTPress release

Andersen Global announces its debut in Mali through a Collaboration Agreement with Bamako-based tax and legal firm Juri-Partner, adding a complementary presence as the organization continues its expansion in key markets throughout Africa. One of the largest firms in Mali, Juri-Partner has grown to include three partners and more than 20 professionals, including two tax specialists. Managing Partner Mamadou Diarra and his team offer a full range of tax and legal services such as business, mining, telecommunications, tax, arbitration and general commercial tax and legal services to private and institutional operations both domestically and internationally. “We strive to create client relationships built on trust and transparency and are committed to stewardship and independence,” Mamadou said. “Business is becoming increasingly global, and clients’ needs can vary depending on country and jurisdiction. By combining Andersen Global’s breadth of coverage and expertise with our local depth o

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom