Nomura shareholders reject proposal to change company name
Nomura Holdings shareholders have voted against a proposal to change the company's name following a pair of scandals at Japan's biggest brokerage.
Investors also voted in favor of retaining CEO Kentaro Okuda and Chairman Koji Nagai as board members, the company said on its website. The decisions were made at an annual shareholders' meeting in Tokyo on Tuesday.
The proposal for the firm to change its name to Nomura Securities Group was made by a shareholder, who had said it would help the company return to the principles of its founder following a bond market manipulation case and charges of attempted murder by a former employee. Nomura's board had opposed the motion, which was the first to be tabled by a shareholder in 13 years.
Okuda and Nagai retained their board positions despite the opposition of proxy adviser Institutional Shareholder Services. The two executives presided over a year of record profit at the Tokyo-based firm, and Okuda saw his annual pay more than double to ¥1.208 billion ($8.3 million).
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