TOKYO, May 27 (Pulse News Wire) – Astmax CO.,LTD. (7162.T) rejected a shareholder proposal to remove its president, Yoshiaki Usujima, during a board meeting held today.
The board cited several reasons for opposing the removal. Firstly, Usujima has demonstrated significant expertise and experience since his appointment, playing a crucial role in strategic decision-making and business oversight. Additionally, independent external directors on the nomination and remuneration advisory committee have objectively evaluated his performance and recommended his reappointment for the upcoming general meeting. Secondly, while acknowledging past challenges, the company has taken steps to enhance profitability, including reducing executive compensation for a year beginning July 2025.
The board emphasized the importance of maintaining stability during the transition to a new management structure led by Usujima, noting that sudden changes could disrupt operations and decision-making processes. Lastly, the board dismissed the grounds presented in the shareholders' proposal, arguing that the claims lacked merit. They pointed out that the proposed cessation of certain blacklisted businesses was necessary due to ongoing losses, and the delays in geothermal power projects were attributed to various factors beyond the initial plan. Concerns over the selection of new executives were also deemed irrelevant to the company’s situation.
In conclusion, the board concluded that removing Usujima would undermine the company’s sustainable growth and shared interests of shareholders, thus rejecting the proposal outright.
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