"Toshiba satisfied the formalities of the code, but not the quality," said Toshiaki Oguchi, a governance expert who helped the government create the guidelines.
He is a corporate governance expert.
But there is "the collective choice problem," said Nell Minow, a Washington-based corporate governance expert and shareholder rights activist.
"This is a board that qualifies for an 'F' in every category," Nell Minow, a corporate governance expert, said.
Jack Siegel, a charity governance expert, said the law "seems to take a good step in the right direction".
Father Seamus Finn, a corporate governance expert at Missionary Oblates of Mary Immaculate, said the numbers were "ridiculous".
"A garden-variety investment manager doesn't typically step out like this," said Charles M. Elson, a corporate governance expert at the University of Delaware.
"He's a man of integrity and I don't doubt his honesty or intelligence," said Ira M. Millstein, a corporate governance expert who led the seven-member task force.
Charles M. Elson, a corporate governance expert and professor of law at the University of Delaware, described the opposition as "very significant".
"That's hardly democratic-with a large D or a small d," a University of Delaware corporate governance expert, Charles Elson, told Mr. Grover.
"As a general trend, disgruntled investors are showing their discontent, and not by dropping their stock," said Sophie L'Hélias, a corporate governance expert who advised Legrand shareholders.
