Engagement Activities

25 March 2020 Letter to CEO:                2020 03 25 Letter to Toshiba CEO

  1. divest Kioxia Holdings at IPO
  2. divest Toshiba TEC
  3. an additional JPY 400 billion share buyback
  4. change payout ratio to 100% total shareholder return

27 December 2018 Letter to CEO:       

  1. increase the share repurchase amount
  2. More commitments on the exit of non-core businesses
  3. Further corporate governance improvements

5 October 2018 Letter to CEO:            

Follow-up JPY1.1 trillion share buy-back

26 July 2018 Letter to CEO:

  1. reiterate our view that the sales price of TMC was below fair value
  2. make further disclosures about the amount of distributable reserves at the Toshiba Corporation standalone company level
  3. distribute the JPY 700 billion sales proceeds from TMC at the earliest possible date
  4. distribute the remaining JPY 400 billion sales proceeds from TMC

28 May 2018 Letter to CEO:       

  1. Set a JPY1.1 trillion share buy-back program ahead of the upcoming AGM and implement this as soon as possible
  2. Implement a transparent and appropriate capital allocation policy
  3. Reiterate the board’s commitment towards the restructuring of existing business units and avoiding premature M&A activity

18 May 2018 Letter to CEO:

  1. re-negotiate some of the key economic conditions with the Bain consortium in exchange for Toshiba refraining from exercising its unilateral right to cancel the agreement
  2. pursue a pro-active approach towards capital allocation given the especially high cost of equity capital the Toshiba currently faces due to its depressed share price.

10 April 2018 Letter to CEO:

  1. An independent expert value TMC between 3.3 to 4.4 trillion yen. It is significantly higher than 2.0 trillion yen.
  2. reconsider the five options we’ve provided about how to maximize value from TMC.

12 March 2018 Letter to Board of Directors:    

exercise Toshiba’s unilateral right to terminate the sale of TMC to Bain at a valuation of 2.0 trillion yen EV and then sell TMC at a much higher valuation.

16 January 2018 Letter to CFO

Sell TMC through IPO

11 December 2017 Letter to CEO:        

  1. reconsider the sale of Toshiba Memory Corporation (“TMC”)to Bain at a valuation of 2.0 trillion yen EV
  2. sell Westinghouse Electric Co. at JPY 300 billion or above