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Toshiba regains Tokyo exchange's top category amid calls for better governance

Stock MarketsJan 23, 2021 10:55AM ET
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2/2 © Reuters. FILE PHOTO: Reporters raise their hands for a question during a Toshiba news conference at the company headquarters in Tokyo 2/2

TOKYO (Reuters) - The Tokyo Stock Exchange approved on Friday Toshiba (OTC:TOSYY) Corp's return to the bourse's first section amid calls from some shareholders for better governance at the Japanese industrial conglomerate.

Toshiba, which filed an application for the return in April last year, will move back to the first section on Jan. 29. The company has said the return could help lure buying from investors in stock indexes.

The Japanese company was relegated to the second section in 2017 after massive writedowns at its U.S. nuclear power business caused liabilities to exceed assets - a condition for automatic demotion.

The TSE's decision comes as two large shareholders - Singapore-based Effissimo Capital Management and U.S. hedge fund Farallon Capital Management - demand an extraordinary shareholders meeting for governance-related issues.

Effissimo Capital has called for an investigation in Toshiba's annual general meeting held last July, at which the company said the voting rights of several shareholders were compromised.

Farallon Capital is asking the firm to seek shareholder approval over what the fund said is a change in investment strategy.

Toshiba regains Tokyo exchange's top category amid calls for better governance
 

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Comments (3)
Chris Sundo
Chris Sundo Jan 23, 2021 12:46AM ET
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The lying and cheating in Japan will go on for many more generations because doing the right thing has been suppressed and doing the wrong thing has been promoted by the King of Japan, who for centuries have been twisting things in their favor and even to this day rewrite history books to pull the wool over the eyes of the post war generation. Remember the Toyota floor mat deaths requiring an expensive investigation by the USA DMV ending eventually in a fine of 1 Billion dollars for lying against all the facts.  -- Even in the upcoming Olympics Japan plans to feed the athletes food that was grown in the lands of the plutonium irradiated reactor soils. Athletes have announced they will be bringing their own food. How do you think they will treat visitors who blindly place their faith in the Japanese hosts? Was it not Japan who bombed Pearl Harbor after first promising it won't.
Evan Du
Evan Du Jan 23, 2021 12:46AM ET
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Lol link the facts please
Chris Sundo
Chris Sundo Jan 23, 2021 12:36AM ET
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I issued a good text that went into the last 100 characters and this incompetent website here can't handle it
Amit Patel
Amit Patel Jan 23, 2021 12:36AM ET
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Need a hug man?
Steffen vdm
Steffen vdm Jan 23, 2021 12:36AM ET
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Maybe show some competence by being more concise.
Chris Sundo
Chris Sundo Jan 23, 2021 12:34AM ET
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All of Japan's social fabric is pervaded by lying and cheating. It's related to the ruling house of the King of Japan having abused their power for centuries. To this day Japan unofficially rewrites their history books to pull the wool over the eyes of the new generation about Japan's behavior during invasions of Japan's peacefully minding their own matters neighboring countries and causing crimes against humanity. It's related to Japan paying bribes constantly to get their way. It's related to Japan continuing to commit crimes against people's rights of living a peaceful life. It's related to Japan planning to feed the athletes of the upcoming Fukushima Olympics foods that were grown in irradiated soils around the Fukushima reactor after the 2011 accident. It's related to Fukushima officials having first poured irradiated waters into your and my ocean during the 2011 Fukushima accident and then denying having done so.
Adrian White
Adrian White Jan 23, 2021 12:34AM ET
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As somebody who has actually lived and worked in Japan for a couple of years, I completely disagree with your comment that "all of Japan's social fabric is pervaded by lying and cheating." While it's true that their politics and government is not exactly transparent, the people, and the "social fabric" is definitely NOT what you described. I found the people to be extremely kind, polite, generous, and honest. There is very little crime and almost zero gun violence. (Most police don't even carry guns). Unlike the typical American "me first" attitude, the Japanese culture is very mindful of others, and keeping a respectful, harmonious society. And by the way, they have an Emporer, not a King. But he has basically no power since WW2 and is basically just a figurehead, much like the Queen of England.
 
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