On Tuesday, voting results from Toshiba Corp’s shareholders showed, 43% of voters backed an activist fund’s proposal to elect its co-founder as board director, thus increasing pressure on the Japanese firm to improve governance.

Although the closely contested proxy fight with top shareholder Effissimo Capital Management ended in favour of Toshiba, it however showed that a substantially large number of shareholders sought changes.

According to the results of the vote, despite the fact that 12 of Toshiba’s own nominees won majority votes, its CEO Nobuaki Kurumatani received only 58% support for reelection – the lowest since he took office in April 2018.

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