Top Toshiba shareholder gets support from CalPERS, Norway fund for probe

Top Toshiba shareholder gets support from CalPERS, Norway fund for probe

News: Top Toshiba shareholder gets support from CalPERS, Norway fund for probe.

TOKYO (Reuters) – The California Public Employees Retirement System (CalPERS) and Norges Bank Investment Management (NBIM) voted for a proposal from a top shareholder in Toshiba Corp., according to voting papers. for an independent investigation of the Japanese conglomerate.

Singapore-based Effissimo, Toshiba’s largest shareholder with a 9.9% stake, is calling for an independent investigation into allegations that shareholders were pressured to vote on director nominations ahead of last year’s AGM.

CalPERS and NBIM, the largest public pension fund in the United States and the world’s largest sovereign wealth fund, voted in favor of the independent investigation at an extraordinary general meeting on March 18.

CalPERS owns 0.45% from Toshiba and NBIM 1.32% according to Refinitiv.

While their stakes are small, the support of such prominent institutional investors could add momentum to Effissimo and other activist shareholders who were deeply dissatisfied with Toshiba’s management regarding its governance and business strategy.

However, Blackrock Inc – the world’s largest wealth manager – has voted against the proposal from Effissimo, a source familiar with the matter. A BlackRock representative in Japan declined to comment.

Reporting by Makiko Yamazaki; Adaptation by Lincoln Feast.

Original Source © Reuters

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