TOKYO (Reuters) -Toshiba Corp said on Friday it had delayed board director nominations ahead of the annual shareholders meeting in June as it needed more time to finalise the candidates.
The Japanese industrial conglomerate is in the process of ascertaining whether there were any conflict-of-interest issues for some candidates, causing the delay, a source familiar with the matter said.
Toshiba has been locked in a years long battle with some of its major shareholders over its direction, and it set up a special committee last month to solicit potential buyout offers after shareholders voted down a management-backed restructuring plan.
Investors are waiting for the company to reveal its nominee for the board’s new chair to replace interim chairman Satoshi Tsunakawa.
Tsunakawa has been holding the position since shareholders last year rejected the re-election of the then chairman, after the company’s management was found to have colluded with the Japanese government to put pressure on foreign investors.
(Reporting by Makiko Yamazaki and Sam Nussey; Editing by Himani Sarkar, Uttaresh.V and Vinay Dwivedi)