3 days ago
More shareholders voicing proposals to Japanese firms
Shareholder meetings will peak in late June in Japan, and a record number of firms have received proposals from stockholders this year.
About 2,100 companies listed on the Tokyo Stock Exchange are set to hold the annual gatherings this month.
Mitsubishi UFJ Trust and Banking Corporation says that as of Thursday last week a record 108 firms had received proposals from their shareholders.
Many of these proposals to be discussed at the meetings are from activist shareholders.
For example, US-based Dalton Investments is proposing its own candidates for the board of directors to the parent company of Fuji Television Network.
The fund is also requesting beverage maker Yakult Honsha to alter its articles of incorporation to let outside directors hold a majority in the board.
And Hong Kong-based investment fund Oasis Management is asking chemical maker Taiyo Holdings to dismiss two board directors, including the president, due to corporate governance concerns.
The Japanese government and the Tokyo Stock Exchange have been calling for active communication between companies and their shareholders.
