TOKYO: Japan Exchange Group Inc chief executive officer or CEO Hiromi Yamaji was re-elected with a smaller majority as his approval rating slid to the lowest ever and the bourse operator’s shares underperformed the market benchmark.
The still-overwhelming majority of 82.11% voted in favour of his reappointment at the AGM held last week, according to a filing yesterday.
Even so, it was lower than last year’s 94.09% and below the 88.88% polled in 2023. Investors voted with their feet as the stock’s 18.6% decline over the past year underperformed the broad Topix’s 1.6% rise.
US proxy adviser Institutional Shareholder Services urged investors to vote against Yamaji’s re-election after an employee was found guilty of insider trading.
In December, Japan’s securities watchdog filed a complaint to prosecutors against a former Tokyo Stock Exchange employee and his father for an alleged case of insider trading. — Bloomberg
