NIPPON LIFE Nissan Shareholders' Opposition to President Nishikawa's appointment as Director September 4th 4:30
Japan Life, a leading domestic institutional investor and life insurance giant, announced at the general meeting of Nissan Motor in June that it opposed the proposal to appoint President Masato Nishikawa as a director.
Nippon Life is one of Japan's leading institutional investors investing in approximately 1,700 listed companies, and for the first time, it has revealed the pros and cons of each proposal on how it exercised its voting rights at the shareholders' meeting of the investee company.
According to it, at the general meeting of 1368 companies held from April to June, it was against the proposals of 61 companies.
Of these, Nissan's general meeting of shareholders held in June opposed the proposal to elect President Nishikawa as a director. Nippon Life has established a standard to object to the appointment of responsible directors if it is determined that the investee company has a scandal, such as a violation of laws and regulations, and the problem has not been fundamentally resolved. In the case of Nissan, it seems that it was opposed to the case of former chairman Ghosn and the subsequent response of the company.
On the other hand, Dai-ichi Life, Sumitomo Life, and Meiji Yasuda Life, major life insurance companies, agreed with the appointment of President Nishikawa, and the response was divided.
Nippon Life is also opposed to the proposal to appoint President Michio Ariko as a director at Suruga Bank's general meeting of shareholders, where a large-scale fraud was revealed.