- Influential proxy advisers Institutional Shareholder Services and Glass Lewis have separately come to the conclusion to challenge earnings results and the board at Toshiba (OTCPK:TOSYY) when the company meets later this month, Bloomberg reports.
- Shares are down 3.5% in Tokyo.
- In their reports, the firms questioned governance and urged voters against approving earnings, saying Toshiba hasn't been able to get an unqualified endorsement from its auditor.
- They've also recommended a vote against the board nomination of President Satoshi Tsunakawa.
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Updated: Toshiba shares have wiped out losses in Tokyo trading and headed into positive ground after word from Nikkei that the Tokyo Stock Exchange is taking the stock off its delisting watchlist. The exchange determined that Toshiba's internal controls have improved since March.