Proxy adviser ISS recommends against Toshiba’s break-up plan

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The Japanese conglomerate is aiming to break into two companies and is due to hold an extraordinary shareholders’ meeting to win approval.

ISS also recommended shareholders vote against a major shareholder’s proposal that Toshiba explore other options and solicit buyout offers from private equity firms.

Toshiba earlier this month appointed a new chief executive after shareholders voiced concerns that management had not appeared able to proceed with the company’s restructuring plans in a timely manner.