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| - Toshiba Corporation (TOKYO:6502) today announced that Osamu Nagayama, Chairperson of Toshiba's Board of Directors, has issued an open letter to the company's shareholders. The full text of the letter is as follows: Dear Shareholders As the Chairperson of the Board of Directors of Toshiba Corporation ("Toshiba", the "Company"), I would like to express my deep regret regarding recent unacceptable events at the Company which have eroded your trust in us. You would have seen that we have already taken decisive and immediate action following the release of the Investigation Report, amending the slate of nominees for directors, committee members and executive officers ahead of the upcoming AGM on June 25. I, together with the Board, am fully committed to ensuring we improve your Company's governance fundamentally and enhance its corporate value. United, we shall be taking the following concrete steps with urgency: -- In order to stop recurrence, we will conduct an inquiry, with third party participation, into why the unacceptable events occurred, put new preventive measures into place, and establish a robust compliance culture; -- We will begin a thorough search, incorporating shareholder perspectives, for additional independent Board members with strong experience in managing a complex global business such as ours. As soon as such candidates are selected we will seek your approval at an EGM; -- We will accelerate the selection process for a successor to Mr. Tsunakawa as CEO that can drive the changes needed in Toshiba in the medium term; -- As previously announced, the Strategic Review Committee has been in preparation and will be launched immediately after the AGM; and -- The Board has hired Makinson Cowell, an independent global investor study firm, to gather non-attributable feedback to provide us with a broad and transparent set of shareholder opinions as we make important strategic decisions. Throughout this process the Company will continue to provide regular updates on our progress. Since joining the Board less than a year ago, I have seen the great potential that lies within the Company and its employees. As the Chairperson my priority is to provide Toshiba with the governance and leadership that you deserve. I pledge to you that I will continue to be an agent of positive change, not a protector of the status quo. Yours sincerely, Osamu Nagayama Chairperson of the Board of Directors Toshiba Corporation View source version on businesswire.com: Contact For Media in Japan Midori Hara / Takashi Ebina / Yoko Takagi Media Relations Office Corporate Communications Div. Toshiba Corporation media.relations@toshiba.co.jp For Media outside of Japan Ross Lovern / Lissa Perlman Kekst CNC ross.lovern@kekstcnc.com / lissa.perlman@kekstcnc.com For Investors Investor Relations Group Planning & Investor Relations Office Strategic Planning Div. Toshiba Corporation ir@toshiba.co.jp © 2021 Business Wire, Inc. Disclaimer: This material is not an AFP editorial material, and AFP shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person/entity mentioned in the text of the release.
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