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The chart that worried Toshiba’s shareholders

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To have one of your leading shareholders demand an extraordinary general meeting is unfortunate – two looks like a pattern. Japanese corporate giant Toshiba is facing a messy situation.

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  • Background
  • Received wisdom has it that corporate Japan is changing. The days of trophy acquisitions for status rather than shareholder value are behind us, we are told. Today’s corporate titans listen to shareholders, divest non-core assets and focus on their core strengths.

    Broadly, that has been the direction of recent years, as illustrated by Olympus, Fujitsu, Takeda Pharmaceuticals and more broadly by Japan’s corporate governance code. Until recently, Toshiba, troubled but rebuilding, was thought to be part of that welcome new direction.

    But now there are doubts, which have crystallized in some alarming ways.

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    Chris Wright is Asia editor. He covers the Asia Pacific region and is based in Singapore. He has previously been Middle East editor of Euromoney, editor of Asiamoney, investment editor of the Australian Financial Review and a correspondent on emerging markets and sovereign wealth for numerous publications worldwide. He has also written two books.
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