Nearly 60% of Toshiba’s shareholders voted against a plan to spin off its device business from the rest of the group, according to a document released on Monday that details the vote last week.
A separate order from activist shareholder 3D Investment Partners for a purchase of private equity it was also rejected by nearly 55% of the shareholders who voted.
Both proposals needed 50% of the votes to be approved at last Thursday’s extraordinary meeting.
With the two competing proposals rejected, the Japanese conglomerate must look for alternatives, potentially focusing on new Chief Executive Taro Shimada’s plan to increase subscription revenue by linking software with hardware.
There was widespread opposition to the plan backed by company management to spin off the devices business, including from Toshiba’s three largest shareholders and proxy shareholder consulting firms.
The proposal by 3D, Toshiba’s second largest shareholder with a stake of more than 7%, had the support of other activist shareholders, but the consultancy Institutional Shareholder Services (ISS) issued an opinion against this option.
Source: CNN Brasil
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