Fujitec Shareholders Reject Proposed Outside Directors

The Yomiuri Shimbun
Fujitec Co. headoffice in Hikone, Shiga Pref.

HIKONE, Shiga (Jiji Press) — Shareholders of elevator maker Fujitec Co. on Wednesday voted down all eight outside board directors proposed by former chairman Takakazu Uchiyama, a founding family member.

Shareholders approved all nine board directors proposed by the company at their annual meeting held at Fujitec’s corporate headquarters in Hikone, Shiga Prefecture.

The reappointments of outside directors recommended by Hong Kong investment fund Oasis Management, a major shareholder, and the appointment of Managing Executive Officer Masayoshi Harada, next president of the company, to the board also gained approval.

Uchiyama was dismissed from the post of chairman in March after being grilled by Oasis Management about suspicious transactions between Fujitec and the founding family.

Before the day’s gathering, he called on shareholders to support his appointment proposals, saying, “Oasis is causing corporate governance problems by controlling the board.”