Latest news with #OsamuKanemitsu
Japan Times
9 hours ago
- Business
- Japan Times
Fuji TV parent secures approval for new board members at shareholders meeting
Fuji TV's parent company secured majority approval for its proposed board of directors in a closely-watched shareholders meeting on Wednesday, with a major investment fund's proposal for drastic change voted down. With two proposals for board members tabled at the meeting, the focus was on which the shareholders would vote for and how much support there was for the proposal of activist Dalton Investments, which reportedly holds 7.5% of shares in Fuji Media Holdings. All five of the proposals that the company put forth at the meeting, including ones regarding the new board members, were accepted. Proxy advisor Institutional Shareholder Services supported Fuji Media's proposals, and counterpart Glass Lewis backed nine of the network's board member candidates while supporting five candidates from Dalton Investment's list. At the beginning of the meeting, Fuji Media Holdings President Osamu Kanemitsu apologized to shareholders for a series of scandals involving the company, including a 'sexual violence' incident by a former popular TV personality and the company's mishandling of the aftermath. 'We would like to first and foremost express our sincere apologies for any inconvenience and concern caused by a series of incidents at our subsidiary, Fuji TV,' said Kanemitsu. 'We take this situation very seriously and are vigorously promoting human rights compliance awareness and governance reform ... We sincerely ask for the continued support of our shareholders,' said Kanemitsu, who stepped down after the shareholders meeting. Following the incidents, Fuji Media Holdings proposed a list of 11 candidates for its board members in March, downsizing from the 15-person board they had in the past. Old-timers including the media mogul Hisashi Hieda had stepped down, with only the current president of Fuji TV, Kenji Shimizu, remaining from the former board of directors as a candidate for the board. However, Dalton Investments was unsatisfied by the list that the company had compiled, having put forth an alternative list of 12 candidates. This list included SBI Holdings CEO Yoshitaka Kitao, who along with Dalton had argued that the broadcaster should spin off its real estate business so that its media business wouldn't be overly reliant on the real estate sector. Fuji Media Holdings had opposed the proposal, saying that Dalton's plan would result in the board being entirely comprised of external directors, without any company insiders to facilitate audits and execute business decisions. Instead, the TV network responded by announcing that Kanemitsu — who was initially set to become a chairman, pending approval from shareholders — would be stepping down , alongside several other candidates for outside director. The company announced a new list of candidates last month, including former head of major convenience store chain FamilyMart Takashi Sawada and former CFO of Mori Building Company Tsutomu Horiuchi. To improve corporate governance, the company has introduced new measures that would limit the number of years a member could stay on the board, as well as committing to lowering the average age of directors. The average age of the new board is 57, which is more than 10 years younger than it was previously.
14 hours ago
- Business
Fuji Media Chief Apologizes for Scandal at Shareholders Meeting
News from Japan Economy Jun 25, 2025 12:31 (JST) Tokyo, June 25 (Jiji Press)--Fuji Media Holdings Inc. President Osamu Kanemitsu apologized for the group's much-criticized handling of a sexual assault scandal involving former television star Masahiro Nakai, at the start of a general meeting of its shareholders on Wednesday. Executive Vice President Kenji Shimizu, who is also president of the group's embattled Fuji Television Network Inc. unit, expressed his determination to reform the corporate culture and governance, and sought shareholders' support for the management's board nominees. Fuji Media has proposed 11 board candidates, only one of whom, Shimizu, is currently on the board. The other candidates include Takashi Sawada, former president of convenience store chain FamilyMart Co. Meanwhile, Dalton Investments, a U.S. firm holding a 7.5 pct stake in Fuji Media, has proposed a competing slate of 12 candidates, including SBI Holdings Inc. Chairman and President Yoshitaka Kitao. Both sides have asked major shareholders and institutional investors to back their respective candidates while appealing to individual shareholders through the media. [Copyright The Jiji Press, Ltd.] Jiji Press
30-04-2025
- Business
Fuji Media to Swing into Net Loss
Tokyo, April 30 (Jiji Press)--Fuji Media Holdings Inc. said Wednesday that it expects to swing into a net loss in the year that ended in March due to the fallout of a scandal over its response to a sexual assault involving former television star Masahiro Nakai. The parent of Fuji Television Network Inc. expects to post a consolidated net loss of 20.1 billion yen, its first loss since the Japanese TV broadcaster shifted to the holding company structure. Fuji Media President Osamu Kanemitsu and three outside directors at the parent company will step down at a shareholders' meeting in June. The company previously said they would remain on the board. The three outside directors are Yoshishige Shimatani, chairman of film studio Toho Co., Kiyoto Saito, president of radio broadcaster Nippon Cultural Broadcasting Inc., and Yuzaburo Mogi, honorary chairman of food company Kikkoman Co. The reshuffle comes as Fuji Media adopted measures to prevent a repeat of the scandal, including scrapping its advisor system, introducing a retirement age system for executives and setting a term limit for outside directors. [Copyright The Jiji Press, Ltd.]
30-04-2025
- Business
Embattled Fuji Media's President to Step Down
News from Japan Apr 30, 2025 18:19 (JST) Tokyo, April 30 (Jiji Press)--Embattled Fuji Media Holdings Inc. said Wednesday that President Osamu Kanemitsu and three outside directors will step down at a general shareholders meeting in June. The three outside directors are Yoshishige Shimatani, Kiyoto Saito and Yuzaburo Mogi. Their departure was decided at a board meeting on the day. Fuji Media, the parent company of Fuji Television Network Inc., also said that the group is projected to log a consolidated net loss of 20.1 billion yen for fiscal 2024, which ended in March, against its previous forecast of a 9.8-billion-yen profit, due to impairment losses of 26 billion yen on Fuji TV's fixed assets. On the same day, Kanemitsu and Fuji TV president Kenji Shimizu visited the communications ministry and submitted a report on preventive measures in response to a scandal involving former TV personality Masahiro Nakai. END [Copyright The Jiji Press, Ltd.] Jiji Press
Japan Times
28-02-2025
- Entertainment
- Japan Times
Longtime Fuji Media director Hieda resigns from advisory panel
Hisashi Hieda, a longtime director at Fuji Media Holdings, has stepped down as a member of the Japanese company's management advisory committee, Fuji Media President Osamu Kanemitsu said Thursday. The move follows a firestorm that engulfed Fuji Media and its core unit, Fuji Television Network, over the broadcaster's handling of a sex scandal involving former TV star Masahiro Nakai. Hieda, who joined the board of Fuji TV in 1983, served as executive managing adviser to both Fuji Media and Fuji TV.
