SAAF Holdings Rejects Shareholder Proposal for Board Resignation

TOKYO, Jul 08 (Pulse News Wire) – Saaf Holdings CO.,LTD. (1447.T) rejected a shareholder proposal submitted by Mr.

Zenjimu Maeda requesting the resignation of seven directors and changes to the articles of association. The board decided not to convene a special shareholders' meeting for proposals two through nine but agreed to consider proposal one—reducing the quorum requirement for director resignations—at an upcoming extraordinary general meeting scheduled for late August. The company stated that the request was made despite previous rejections during a May 12 special shareholders' meeting and a regular shareholders' meeting held on June 29, where the incumbent directors received majority support.

Additionally, the court had ruled against similar motions due to insufficient attendance and violations of the company's articles of association. Regarding proposal one, the board opposes reducing the quorum requirement for director resignations, citing potential harm to operational stability. The company believes Maeda’s primary motive is to facilitate the removal of existing directors and the appointment of his proposed candidates rather than enhancing shareholder oversight functions.