Shareholders of Japan’s largest companies are increasingly voting against management resolutions, data showed on Tuesday, spurred by guidance on effective corporate governance and capital allocation from Japanese regulators.
Shareholder resistance is now routinely a feature of Japan’s annual general meeting (AGM) season, proxy lawyer Georgeson said in an annual review of the meetings.
The share of contested resolutions – those that received 10% or more ‘against’ votes from shareholders – increased to 13.1% of all resolutions submitted to shareholders at annual general meetings of shareholders held by the average Nikkei companies with 225 issues in the year to June 30.
