Some vote-counting was not properly carried out for shareholders' meetings at 1,346 firms in
The findings, affecting about a third of listed companies that held shareholders' meetings between May and July, did not change their outcomes, according to the trust banks which undertook vote-counting for the client firms -- 975 for
The improper counting stemmed from a long-standing practice. The banks said it is customary to have voting forms delivered by post offices a day earlier than scheduled dates, which would facilitate work to count votes in the months of March, May and June when many companies hold shareholders' meetings.
The practice has continued for about two decades but a lack of relevant data from the past is making it difficult for the banks to conduct a thorough review.
The revelation will raise concern about the handling of shareholders' rights at a time when Japanese companies are seeking to improve corporate governance. It also underscores corporate
The trust bank had found a voting form sent by an overseas hedge fund for the
==Kyodo
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