Japan: New draft legislation aimed at restricting shareholder activism

police rope off protesters

A government panel tasked with preparing a new company law has published a draft bill that would, if adopted, severely restrict shareholder activism. The draft proposes a limit of five or ten as to how many shareholder motions can be submitted, and would give management the prerogative to discard any motions that are ‘defamatory’ or ‘inappropriate’. Critics of the draft note that there has been increasing shareholder activism in electricity companies since the Fukushima nuclear disaster, and state that the draft seems to be targeting those activities.

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Author: 毎日新聞

中間試案では、株主総会で1人の株主が提案できる議案数の上限について「5」と「10」の2案を示した。また株主提案の内容が「名誉の侵害」「人を困惑させる」などの目的だった場合、会社が提案を制限できる規定を設けるよう求めた。

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