Shareholder Meeting Season Hits Peak in Japan

Tokyo, June 29 (Jiji Press)--The season for annual general shareholders meetings in Japan hit its peak on Wednesday, with 759 companies listed on the Tokyo Stock Exchange holding such meetings. The firms account for 32 pct of all TSE-listed companies that ended their latest business year in March. Many Japanese companies close their books in March. Suzuki Motor Corp. (TYO:7269) held a general shareholders meeting in Hamamatsu, Shizuoka Prefecture, central Japan, in which its chairman and chief executive officer, Osamu Suzuki, apologized for the automaker's fuel economy data fraud and reported his decision to give up his CEO post on Wednesday to take responsibility for the scandal. The company now aims to promote a shift from long years of autocratic management by the leader to collective governance under his eldest son Toshihiro Suzuki, who is president of the automaker. "We will steadily take steps to prevent similar malpractice, fully ensure legal compliance and reinforce our risk management system," the elder Suzuki said. Later on Wednesday, the firm announced the appointment of the younger Suzuki as new CEO. At a meeting held in Osaka, western Japan, shareholders of Takeda Pharmaceutical Co. (TYO:4502) approved the appointments of 15 board members, including nine outside directors, up from three. The new outside directors include Nissan Motor Co. (TYO:7201) Vice Chairman Toshiyuki Shiga and Yoshiaki Fujimori, adviser to home equipment maker Lixil Group Corp. (TYO:5938). Kuroda Electric Co. (TYO:7517), whose top shareholder is an investment firm linked to activist investor Yoshiaki Murakami, held a general shareholders meeting also in Osaka. Although the investment firm called on the company to strengthen its governance system, the meeting ended without turmoil apparently because its board had already decided on a plan to raise dividend payments substantially.Copyright JIJI PRESS LTD.