Some 1,600 listed and unlisted companies held their annual shareholders' meetings Wednesday, marking the peak for the year.
Some of the companies had been hit by scandals in the last business year, including Kansai Electric Power Co., which caused a fatal accident at its nuclear power plant, and Yokogawa Bridge Corp., which became mired in a massive bid-rigging scandal.
Executives at those firms stood in line and bowed deeply in apology to shareholders.
Shareholders of Kanebo Ltd., which was delisted due to padded earnings committed by its former management, voiced concerns about the fate of their holdings.
This year's meetings also featured strategies by a number of firms to introduce defensive measures against hostile takeover bids, following a high-profile, failed hostile takeover attempt earlier this year by Internet portal Livedoor Co. for radio company Nippon Broadcasting System Inc.
But shareholders of Fanuc Ltd. rejected a proposed defensive step to increase the maximum number of shares the company is allowed to issue to 900 million from the current 400 million.
The industrial robot maker is owned 44 percent by nonresident shareholders. A Fanuc spokesman said the proposal appears to have met with opposition of overseas investors because it could result in reducing the value for each shareholder.
About 150 companies are believed to have proposed similar steps as a countermeasure against hostile takeover bids during shareholder meetings this month, but investors in some firms, including Tokyo Electron Ltd. and Electric Corp., rejected the proposals.
Shareholders of Fuji Television Network Inc., which agreed to pay 147 billion yen to Livedoor to make Nippon Broadcasting a subsidiary, said they are entitled to greater benefits in view of the TV network's financial ability to pay the huge sum to settle the acquisition battle with the Internet portal operator for the radio broadcaster.