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Proxy adviser ISS recommends against Toshiba’s break-up plan

TOKYO (Reuters) – Influential proxy advisory firm Institutional Shareholder Services (ISS) has advised against Toshiba (OTC:TOSYY) Corp’s break-up plan to be put to a vote on March 24, the Nikkei business daily reported on Thursday.

The Japanese conglomerate is aiming to break into two companies and is due to hold an extraordinary shareholders’ meeting to win approval.

ISS also recommended shareholders vote against a major shareholder’s proposal that Toshiba explore other options and solicit buyout offers from private equity firms.

Toshiba earlier this month appointed a new chief executive after shareholders voiced concerns that management had not appeared able to proceed with the company’s restructuring plans in a timely manner.

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