CalPERS and NBIM, the largest US public pension fund and the world’s largest sovereign wealth fund, respectively, voted in favour of the independent probe ahead of an extraordinary shareholders’ meeting on March 18.
CalPERS owns 0.45% of Toshiba and NBIM has 1.32%, according to data from Refinitiv.
Even though their stakes are small, backing from such prominent institutional investors could add to momentum for Effissimo and other activist shareholders who have been deeply dissatisfied with Toshiba’s management over its governance and business strategy.
However, Blackrock Inc - the world’s biggest asset manager - has voted against Effissimo’s proposal, a source familiar with the matter said. A representative for BlackRock in Japan declined to comment.
