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Toshiba needs ‘quick and proper’ disclosure, says Tokyo course chief By Reuters

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© Reuters. FILE PHOTO: Toshiba logos are displayed at Toshiba Corp’s annual general meeting in Tokyo, Japan on June 25, 2021. REUTERS / Kim Kyung-Hoon / File Photo

TOKYO (Reuters) – The Tokyo Stock Exchange wants Toshiba (OTC 🙂 Corp to make a “quick and appropriate” disclosure on its growing governance scandal, including who was responsible, the course director said, adding that the transparency still a problem.

Hiromi Yamaji also told Reuters that activist investors, who have been in the spotlight because of Toshiba, can be a force for better shareholder participation in Japanese companies and help improve governance.

His comments reflect both a change in attitude toward activist investors in Japan, and the extent to which the Toshiba scandal has raised concerns within Japanese companies about governance, something shareholders have said a long time ago.

“Lack of transparency is the biggest problem at Toshiba,” Yamaji said in an interview late Friday, adding that investors are eager to know if shareholders have been treated unfairly.

“We strongly request Toshiba to promptly and adequately disclose its own inquiries, such as who was responsible,” he said.

An independent investigation revealed last month that Toshiba had teamed up with the government to pressure foreign shareholders.

The Tokyo Stock Exchange (TSE) is owned by Japan Exchange Group Inc.

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