Tomato BANK Rejects Shareholder Proposal for New Outside Director

TOKYO, May 13 (Pulse News Wire) – Tomato Bank,ltd. (8542.T) rejected a shareholder proposal to appoint a new outside director at its upcoming annual general meeting scheduled for June 26, 2026.

The proposal, submitted by an individual shareholder, suggested adding Hiroyuki Takahashi, president of Cosmo G Co., Ltd., as a non-executive director. However, the board of directors decided against the proposal during their meeting today, citing concerns over the existing composition of the board, which includes two independent outside directors who meet the necessary qualifications and contribute to balanced skills and diversity. According to the bank's statement, the nomination and remuneration committee, composed primarily of independent outside directors, carefully reviewed the proposal. They concluded that the current board structure, which includes two outside directors selected through a rigorous process, is optimal and does not require additional appointments.

The committee emphasized the importance of specialized expertise and experience in areas such as corporate governance, risk management, and sustainability for outside directors. Hiroyuki Takahashi, the proposed candidate, has extensive experience in motorsports events, retail operations, and legal compliance. He currently serves as the president of Cosmo G Co., Ltd., a firm he started in 2019 after returning to Ehime Prefecture to care for his mother. His company has reported net profits of around ¥100 million annually for eight consecutive years, and he personally holds more than ¥1 billion worth of securities.