Zojirushi Mahobin Shareholders' Meeting Rejects Shareholder Proposal of Chinese Investment Fund February 19 17:26
Zojirushi Mahobin, headquartered in Osaka, held a general meeting of shareholders on the 19th. In this context, a Chinese investment fund made a shareholder proposal to appoint a new outside director due to the sluggish business performance, but was rejected by a majority opposition.
Representatives of Chinese investment funds attended the general meeting of shareholders of Zojirushi Mahobon in Osaka.
The fund, along with another fund, is run by the founder of Chinese electronics giant Galanz, and has a combined 13.5% stake.
The Fund has made a shareholder proposal to appoint a lawyer from the Bank of Japan as a new outside director.
The reasons for this are that Zojirushi Mahobin's sales and profits have declined for the third consecutive year and business performance has been sluggish. Nevertheless, it has increased dividends and has not used funds for technological development for the future. Criticized the current management.
Zojirushi Mahobin's president, Norio Ichikawa, is a founder and has been at the top for 19 years.
As a result of the vote, the investment fund proposal was rejected by the opposition majority.
"It's a pity that the proposal was rejected.
On the other hand, Zojirushi Mahobin stated, "If a shareholder's proposal will increase the value of the Company, we will consider it."