Japan’s Toshiba shareholders vote down restructuring plan

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Shareholders of embattled Japanese electronics and energy giant Toshiba Corp. have rejected a major restructuring plan. The plan proposed by management last month called for splitting Tokyo-based Toshiba into two companies, one focused on infrastructure and the other on devices. The latter would have been spun off. Foreign investment funds and U.S.-based proxy advisory firm Institutional Shareholders Services opposed the plan. Shareholders also rejected a request from major shareholder 3D Investment Partners, based in Singapore, for a fuller objective review of alternatives, including a buyout. Some shareholders said the restructuring scheme wasn’t in the best interests of Toshiba employees.