Brooke Masters writes in the Financial Times about the failures of Toshiba’s corporate governance:

Toshiba has had three financial scandals in the past six years, and the government has intervened at least twice to help management fend off investor challenges. If that’s a transformed corporate culture, what was the old one like?

Investors have another chance to show Japan what it means to put shareholders first at next week’s AGM. This year, proxy advisers ISS and Glass Lewis are recommending a vote against the chair and several other directors. Toshiba’s shareholders should vote down the entire board. A third investigation has been promised. Once that makes clear who on the board knew what, investors should demand a new slate with clean hands. It should include the five candidates backed last year by 3D and Effissimo who were defeated by the dark arts campaign. With shareholder backing, they should have the backbone to challenge management.

The new board should then consider the private equity bids seriously.