Toshiba split proposal dealt blow after proxy advisor rejects plan

Toshiba’s proposal to split into two firms has been dealt a blow after a shareholder advisory firm and largest stockholder came out against the plan. Institutional Shareholder Services urged investors in the conglomerate to reject the proposal, it said in a report dated March 9. Activist investor Effissimo Capital Management, which holds a roughly 10 per cent in Toshiba, also spoke out against the plan on Thursday.