Proxy adviser ISS backs activist shareholder's proposal for Toshiba probe

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Toshiba has been embroiled in a row with Singapore-based Effissimo Capital Management, which is calling for a third-party probe into the firm’s annual general meeting (AGM) last year, arguing that the voting rights of several shareholders were compromised.

ISS said in a report seen by Reuters that Toshiba’s internal investigation into the issue was “one-sided.”

“It will be difficult to escape the impression that Toshiba conducted a perfunctory investigation in response to the allegations by Effissimo,” the report said.