Within its financial update statement Toshiba have taken the opportunity to set out a reformed management policy that will see the board of directors being reduced to 11 members and other measures introduced such as the reformation of the Audit committee.

The troubled Japanese company is still reeling from revelations that it had overstated its operating profits by a total of 151.8bn yen ($1.22bn, £780m) over six years. The company has now posted a net loss of 37.8bn yen ($318m; £209.3m) for the year to March.

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