Toshiba Shareholders' Meeting Improper Treatment of Funds in Document Sumitomo Mitsui Trust Bank, September 24, 6:24
At this year's "Toshiba" shareholders' meeting, Mitsui was undertaking the affairs of the general meeting because it claimed that the documents sent by overseas investment funds for exercising voting rights were not reflected in the vote. It turned out that Sumitomo Trust and Banking has a policy of admitting that it was treated improperly.
At the general meeting of shareholders of Toshiba held at the end of July, a document from an overseas investment fund of a major shareholder regarding agenda items such as the appointment of directors arrived the day before the general meeting within the deadline, but Sumitomo Mitsui, who is in charge of clerical work. The trust bank group company "Japan Shareholder Data Service" had the date when the document arrived on the day of the general meeting after the deadline.
As a result, the investment fund's document was not reflected in the vote as it was past the deadline, and the fund requested an investigation.
In response to this, Sumitomo Mitsui Trust Bank investigated and found that it was inappropriate to exclude the fund's documents from the vote because it was not in time for the deadline.
During the period when the general meeting of shareholders is concentrated, there was a special convention that Japan Post should send a document expressing approval or disapproval of the agenda earlier than usual in order to work efficiently, and the acceptance date should be the next day. It is said that.
It is said that there was no direct impact on the outcome of the vote this time, but Sumitomo Mitsui Trust Bank is planning to investigate whether there are similar cases for about 970 companies entrusted with the affairs of the general meeting of shareholders.