SAAF Holdings Co.,Ltd. [1447.T]
TOKYO, May 07 (Pulse News Wire) – Saaf Holdings CO.,LTD. (1447.T) rejected a shareholder proposal submitted by Junmori Maeda for changes to the board of directors.
The proposal seeks the removal of seven incumbent directors and the appointment of seven new candidates, including Maeda himself. The company's board opposes the proposal due to concerns over Maeda’s past misconduct during his tenure as CEO, which was confirmed by an independent investigation committee. The report revealed significant personal misuse of company funds totaling ¥7,466,466 and inadequate procedures amounting to ¥7,811,811. Additionally, Maeda failed to comply with reporting requirements for large shareholdings, further raising doubts about his integrity.
Moreover, the board highlighted the company’s recent success under current management, achieving record profits and implementing restructuring measures. They argue that maintaining the status quo is crucial for continued growth and maximizing shareholder value. The proposed replacements lack necessary industry experience compared to the current board members, who possess deep expertise in construction and digital transformation. In light of these issues, SAAF’s board remains steadfast in its opposition to the shareholder proposal, emphasizing their commitment to ethical governance and sustainable performance.
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