Voting Rights Exercise Form Issue TSE Calls for Efforts to Prevent Recurrence September 29, 20:36
Sumitomo Mitsui Trust Bank and Mizuho Trust & Banking, which are entrusted by companies to handle the general meeting of shareholders, have been transferred to two trust banks in response to the problem of improper handling of documents for exercising voting rights of shareholders. In addition, we requested companies that are in charge of similar affairs to take measures to prevent recurrence.
Regarding the documents for exercising voting rights of shareholders, it became clear that Sumitomo Mitsui Trust Bank and Mizuho Trust & Banking had handled them inappropriately for many years, and there were more than 1,300 companies exercising voting rights of some shareholders. Was not reflected in the vote of the General Assembly.
In response to this problem, TSE sent documents to two trust banks and four companies in charge of similar affairs on the 29th.
Among them, this issue is "widely accepted as a serious situation related to the foundation of corporate governance," and we are requesting efforts to prevent recurrence, such as proper administrative work.
We also requested that these efforts be widely explained not only to the entrusted company but also to investors.
Separately, TSE sent a document to all 3,700 listed companies, stating that "the background is that the concentration of shareholders' meetings is causing a high load on clerical work." We are requesting the holding of general meetings that avoid the above and the introduction of a system that allows the exercise of voting rights on the Internet.