Foreign investors voted against more than 1,800 agendas at listed companies’ general shareholders meetings held in June, in accordance with recommendations from the Institutional Shareholder Services.
Foreigners took a negative stance toward the proposals related to an increase of approved equity capital amount only for the case of hostile TOB, which might damage shareholders’ benefits, and voted “no” to around 200, or 85 percent, of such agendas.
Institutional Shareholder Services examined all proposals for shareholders meetings of 2,000 Japanese listed companies with FYE in March, and it advised clients to vote against 1,830 motions. Many foreign investors likely casted votes in accordance with the recommendations. They voted against partial amendments to article of incorporate in 344 cases and appointments of auditors in 600.
Detailed information of Japanese companies’ shareholders meetings held in June 2005 is under analysis.