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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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Third of SoftBank shareholders oppose lawyer's appointment to board

06/25/2021 | 05:16am EDT
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo

TOKYO (Reuters) -Nearly a third of SoftBank Group Corp's shareholders opposed the appointment of lawyer Ken Siegel to the firm's board at this week's annual shareholder meeting, in an unusual display of disapproval from some of its normally highly loyal investors.

Siegel heads the Tokyo office of law firm Morrison & Foerster and has worked on some of SoftBank's biggest deals. Proxy adviser Glass Lewis urged https://www.reuters.com/article/softbank-group-corporate-governance-idCNL3N2NQ095 shareholders to oppose his election due to his professional ties to the conglomerate.

Shareholders voted 69.77% in favour of Siegel's election. Nominees need a majority of votes to join the board.

By contrast shareholders voted 99.85% in favour of the SoftBank's other new independent director, gaming executive Keiko Erikawa. Founder and CEO Masayoshi Son received 97.92%.

The vote comes amid increasing displays of investor displeasure in Japan, which is known for its conservative corporate culture, with the ousting of Toshiba's chairman on Friday seen as a watershed moment.

Criticism has frequently focused on the makeup of SoftBank's board, which is said to lack voices that can stand up to Son. The group reported record earnings in the year ended March, burnishing the billionaire's investing credentials.

Son called on shareholders on Wednesday to take a long-term view on the company, which he described as a "capital provider for the information revolution."

(Reporting by Sam Nussey; Editing by Edmund Blair and Kim Coghill)

By Sam Nussey


ę Reuters 2021
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Financials
Sales 2022 5 951 B 54 340 M 54 340 M
Net income 2022 1 054 B 9 625 M 9 625 M
Net Debt 2022 13 879 B 127 B 127 B
P/E ratio 2022 12,1x
Yield 2022 0,66%
Capitalization 11 926 B 109 B 109 B
EV / Sales 2022 4,34x
EV / Sales 2023 4,18x
Nbr of Employees 58 786
Free-Float 49,4%
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Mean consensus BUY
Number of Analysts 15
Last Close Price 6 837,00 JPY
Average target price 11 266,93 JPY
Spread / Average Target 64,8%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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