A Toshiba Corp. outside director opposed the nominations of two directors representing the company’s activist investors, suggesting possible conflict ahead in what has become a litmus test for corporate governance in Japan.
Mariko Watahiki, a former Nagoya High Court chief justice, opposed the nomination of directors from Elliott Capital Advisors LP and Farallon Capital Management LLC, fellow Toshiba outside director Jerry Black said at a media event Friday. Black declined to comment further on why Watahiki was against the appointments. Hedge funds are sometimes seen to prioritize their own short-term investment gains over companies’ long-term growth.
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