Report to the Financial Services Agency due to improper processing of Sumitomo Mitsui Trust and Mizuho Trust October 29, 6:39
"Sumitomo Mitsui Trust Bank" and "Mizuho Trust & Banking", which are in charge of the general meeting of shareholders, were improperly processing the voting documents sent by shareholders, and the two trust banks have detailed backgrounds and causes. I submitted a report that included the above to the Financial Services Agency.
Improper processing has been going on for over a decade.
Sumitomo Mitsui Trust Bank and Mizuho Trust & Banking, regarding the handling of documents for exercising voting rights at the general meeting of shareholders underwritten by companies, last month, the group company "Japan Shareholder Data Service", which is in charge of the administration of the general meeting of shareholders, actually announced the day before the general meeting. It was revealed that it was treated as if it had arrived on the day of the general meeting after the deadline.
According to the people concerned, on the 28th, the two trust banks received a report request order from the Financial Services Agency on this issue and submitted a report summarizing the detailed circumstances and causes.
According to the report,
▽ such improper processing was carried out to secure the clerical work of Japan Shareholder Data Service at the time when the general meeting of shareholders was concentrated, and
▽ for more than 10 years based on the interview with the person in charge. It means that it includes things that were being continued.
Both Sumitomo Mitsui Trust Bank and Mizuho Trust & Banking have stated that they will no longer take such inappropriate measures.
The Financial Services Agency is expected to scrutinize the contents of the report and consider whether to take administrative sanctions.