Two executives from overseas hedge funds were approved as new directors at Toshiba Corp. on June 28, a move that pushes proposals to take the troubled conglomerate private.
Six of the 13 directors on Toshiba's board are tied to activist investment funds because of the decision to hold a shareholder meeting.
In the year 2019, four re-elected directors were chosen after the investment funds recommended them.
The funds have proposed that Toshiba buy out of their stakes so that the company can go private.
Toshiba officials are considering such issues as acquisition price as well as how to come up with the money to complete the deal.
Mariko Watahiki, an outside director who formerly served as a judge of the Nagoya High Court, opposed the move to bring in the two new directors affiliated with overseas investment funds on grounds that they would be biased toward certain shareholders.
Watahiki was re-elected as a director.
Akihiro Watanabe, founder of GCA Corp., a consulting firm that handles mergers and acquisitions, was approved to replace Satoshi Sunakawa as chairman of the board.