TOKYO--(BUSINESS WIRE)--Effissimo Capital Management Pte Ltd (hereafter “Effissimo”) has made a shareholder proposal at Toshiba’s Ordinary General Meeting of Shareholders for the 181st Fiscal Period which was held today. The aim of the proposal was to enhance compliance and corporate governance.

We regret that we were unable to fully convey the reasons behind our proposal, and as a result it failed to gain approval at the shareholders’ meeting. However, we are also convinced that there were many individuals that have shared our concerns and agreed that the further growth in Toshiba and enhancement to its corporate value could not be achieved absent a fundamental improvement in its compliance and corporate governance. We would like to express our deepest gratitude to all parties that have supported us through this process.

In order for us to respond to such voices from fellow shareholders and to facilitate the further growth and enhancement of corporate value, Effissimo, as one of Toshiba’s large shareholders, is fully determined to assist Toshiba through constructive engagement.