For four years, Toshiba has been at war with its investors in an acrimonious conflict that has smashed the decades-old conventions of corporate Japan.
But now, after a bruising series of clashes and defeats for the company in shareholder votes, Toshiba is poised to make history once again — with a ceasefire.
In a decision that investors believe could break a deadlock that has threatened to paralyse one of Japan’s biggest industrial groups for years, Toshiba agreed last week to appoint two independent board members from activist shareholders Elliott Management and Farallon Capital.
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