Daio Paper Corporation, a major paper manufacturer, withdrew its proposal to reappoint Chairman Masayoshi Sako as a director just before the general meeting of shareholders held on the 29th.
Mr. Sako retired from the chairman of the board and became an honorary advisor on the 29th.
Daio Paper was planning to hold a general meeting of shareholders in Shikokuchuo City, Ehime Prefecture on the 29th, and to resolve the appointment of 12 directors, including the chairman and president.
However, according to the company, it was found that by the 28th, shareholders may not be able to obtain the majority of support for the election of Chairman Sako due to the situation of exercising voting rights to show approval or disapproval of the agenda.
In response to this, Chairman Sako offered to retire, saying that he had not gained sufficient confidence from shareholders, and the company proposed a proposal to reappoint the chairman to the board of directors just before the general meeting on the 29th. Withdrawn.
It is unusual for the company to withdraw its proposal to reappoint the incumbent chairman just before the shareholders' meeting.
Mr. Sako retired from the chairman of the board and became an honorary advisor on the 29th.
Meanwhile, the appointment of the other 11 directors has been passed.
Daio Paper commented, "We decided to withdraw a part of the bill after we were worried to the last minute. We would like to continue to improve our corporate value."