Third of SoftBank shareholders oppose lawyer’s appointment to board

By Sam Nussey TOKYO (Reuters) -Nearly a third of SoftBank Group Corp’s shareholders opposed the appointment of lawyer Ken Siegel to the firm’s board at this week’s annual shareholder meeting, in an unusual display of disapproval from some of its normally highly loyal investors. Siegel heads the Tokyo office of law firm Morrison & Foerster and has worked on some of SoftBank’s biggest deals. Proxy adviser Glass Lewis urged https://www.reuters.com/article/softbank-group-corporate-governance-idCNL3N2NQ095 shareholders to oppose his election due to his professional ties to the conglomerate. Shareholders voted 69.77% in favour of Siegel’s election. Nominees need a majority of votes to join the board. By contrast shareholders voted 99.85% in favour of the SoftBank’s other new independent director, gaming executive Keiko Erikawa. Founder and CEO Masayoshi Son received 97.92%. The vote comes amid increasing displays of investor displeasure in Japan, which is known for its conservative corporate culture, with the ousting of Toshiba (OTC:TOSYY)’s chairman on Friday seen as a watershed moment. Criticism has frequently focused on the makeup of SoftBank’s board, which is said to lack voices that can stand up to Son. The group reported record earnings in the year ended March, burnishing the billionaire’s investing credentials. Son called on shareholders on Wednesday to take a long-term view on the company, which he described as a “capital provider for the information revolution.”
Market analytics

Other news

Nokia’s third quarter profit beats expectation
HELSINKI (Reuters) -Telecom equipment maker Nokia (NYSE:NOK) reported stronger-than-expected third-quarter operating profits on Thursday as development investments, strategy updates and cost cuts continued to drive a turnaround in the business. Third-quarter net sales rose 2% to 5.4 billion euros ($6.27 billion) from 5.3 billion a year ago, in line with analyst expectations. “The third quarter […]
READ
Dollar Edges Higher; ECB Next as Central Bankers Meet
By Peter Nurse Investing.com – The dollar edged higher in early European hours Thursday, with policy decisions by central bankers in Australia, Japan and Europe jolting trading. At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 93.835, with movements seen […]
READ
Dollar Down, but Near Year High as Investors Await Fed’s…
The dollar was down on Wednesday morning in Asia but held near a one-year high amid rising speculation that the U.S. Federal Reserve will announce the beginning of asset tapering in November 2021, followed by potential interest rate hikes by the middle of 2022. The U.S. Dollar Index that tracks the greenback against a basket of other […]
READ
Pound Vulnerable to Stagflation Clutches as Brexit Impact Emerges
The pound is unlikely to be rescued by the increasing odds of a Bank of England rate hike as the currency may struggle to escape the clutches of stagflation just as the impact of Brexit begins to emerge.  GBP/USD was flat at $1.3594. “GBP’s fall from grace has been swift. Stagflation is the current buzzword which […]
READ
Dollar Rally Faces ‘Critical Resistance,’ But Bulls Will Hold The…
The dollar is approaching ‘critical resistance’ that may force some to take profit, but this isn’t the time to turn bearish as any dips will likely be bought paving the way for further upside, experts say. The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose 0.22% to 93.99. […]
READ
Dollar climbs as energy surge drives inflation worries
The dollar edged higher on Wednesday amid nervousness that surging energy prices could spur inflation and interest rate hikes, and as traders awaited U.S. jobs data for clues on the timing of Federal Reserve policy tightening. The Reserve Bank of New Zealand lifted its official cash rate for the first time in seven years but […]
READ