Shareholders of Japan's largest companies are increasingly voting against management resolutions, data showed on Tuesday, spurred on by guidance on effective corporate governance and capital allocation set out by Japanese regulators.
Shareholder resistance is now routinely a feature of Japan's annual general meeting (AGM) season, proxy solicitor Georgeson said in an annual review of the meetings.
The proportion of contested resolutions — those receiving 10% or more "against" shareholder votes — rose to 13.1% of all resolutions put to shareholders at AGMs held by the 225-issue Nikkei average companies in the year to June 30.
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