The Recycler
  • Katun web banner December 2022 NEW
  • Biuromax Masthead web banner March 2024
  • G&G Feb 24 Masthead Banner

Toshiba’s Chairperson issues open letter

June 21, 2021

Toshiba Corporation announced that Osamu Nagayama, Chairperson of Toshiba’s Board of Directors, has issued an open letter to the company’s shareholders.

The full text of the letter is as follows:

 

Dear Shareholders

As the Chairperson of the Board of Directors of Toshiba Corporation (“Toshiba”, the “Company”), I would like to express my deep regret regarding recent unacceptable events at the Company which have eroded your trust in us.

You would have seen that we have already taken decisive and immediate action following the release of the Investigation Report, amending the slate of nominees for directors, committee members and executive officers ahead of the upcoming AGM on June 25.

I, together with the Board, am fully committed to ensuring we improve your Company’s governance fundamentally and enhance its corporate value. United, we shall be taking the following concrete steps with urgency:

  • In order to stop recurrence, we will conduct an inquiry, with third party participation, into why the unacceptable events occurred, put new preventive measures into place, and establish a robust compliance culture;
  • We will begin a thorough search, incorporating shareholder perspectives, for additional independent Board members with strong experience in managing a complex global business such as ours. As soon as such candidates are selected we will seek your approval at an EGM;
  • We will accelerate the selection process for a successor to Mr. Tsunakawa as CEO that can drive the changes needed in Toshiba in the medium term;
  • As previously announced, the Strategic Review Committee has been in preparation and will be launched immediately after the AGM; and
  • The Board has hired Makinson Cowell, an independent global investor study firm, to gather non-attributable feedback to provide us with a broad and transparent set of shareholder opinions as we make important strategic decisions.

Throughout this process the Company will continue to provide regular updates on our progress.

Since joining the Board less than a year ago, I have seen the great potential that lies within the Company and its employees. As the Chairperson my priority is to provide Toshiba with the governance and leadership that you deserve. I pledge to you that I will continue to be an agent of positive change, not a protector of the status quo.

Yours sincerely,

Osamu Nagayama
Chairperson of the Board of Directors
Toshiba Corporation

Categories : Around the Industry

Tags : Accounting Business Open Letter Shareholders Toshiba

  • G&G Big & Bold Web banner January 2024
  • Ink Tank April 2024 Web Ads
  • Cartridge Web April 2024 Web Banner
  • TN Core April 2024 Web Banner
  • Apex Web Ad March 2024
  • Biuromax March 2024 Banner
  • GM Technology Web Ad March 2024
  • Mito Web advert July 2023
  • Static Control June 2022 Big & Bold Ad
  • IR Italiana Web ad January 2021
  • PCL April 2024 Web Banner
  • CET Web ad December 2023
  • Denner Feb 2024 Web Ad
  • ITP Web ad January 2021
  • Zhono Web ad March 2024
  • Altkin Web ad March 2024
  • HYB Web banner Jan 2024
  • Denner Feb 2024 Web Ad
  • HYB Web banner Jan 2024
  • PCL April 2024 Web Banner
  • Zhono Web ad March 2024
  • ITP Web ad January 2021
  • Altkin Web ad March 2024
  • CET Web ad December 2023
  • ITP Web ad January 2021
  • HYB Web banner Jan 2024
  • CET Web ad December 2023
  • Zhono Web ad March 2024
  • PCL April 2024 Web Banner
  • Altkin Web ad March 2024
  • Denner Feb 2024 Web Ad

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2023 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark

The Recycler Subscribe Web ad January 2021
The Recycler Subscribe Web ad January 2021