Although it is an unfunded "Jiansheng" acquisition proposal, it is clearly stated that "business operations remain unchanged." Naturally, people around him wondered whether Che Gu Changzhao planned to sell Toshiba to his old owner of the investment fund in order to keep his position, and public opinion was in an uproar. A wasted year Since then, Toshiba's chaos has become more and more serious. The acquisition proposal was shelved, and Che Gu Changzhao was forced to resign by the chairman of the board (independent director), but he was actually fired by the board. And only this time, people feel that Toshiba's corporate governance played a role.
However, the period when corporate governance was felt to be working did not last long. The chairman of the board rejected a takeover proposal by a British number list fund company on the grounds that it was a "spurious proposal that does not qualify as a proposal", only to be opposed by powerful shareholders trying to sell their shares at a premium. Shortly afterward, an investigative committee made up of lawyers recommended by those shareholders released a report revealing the ambiguous relationship between Toshiba management and Japan's Ministry of Economy,
Trade and Industry. In June 2021, at the general meeting of shareholders held in the chaos, the independent directors' re-election vote was excluded from the agenda, citing the independent directors' oversight of management's relationship with Japan's Ministry of Economy, Trade and Industry. The re-election of the chairman of the board of directors was also rejected in the vote, and directors who did not obey the opinions of shareholders with a voice were expelled from the board of directors. The original 13 directors have been reduced to 8, and the company's management system has become very weak.