AVI voices concerns on the 'credibility' of Fujitec directors following AGM 'debacle'

Aligns with wider shareholder concerns

clock • 3 min read
The fiasco came when one hour before the AGM the motion to reappoint Uchiyama as president was withdrawn.
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The fiasco came when one hour before the AGM the motion to reappoint Uchiyama as president was withdrawn.

Asset Value Investors has announced it has “concerns” about the independent directors of Japanese manufacturer Fujitec, questioning if they “are representing shareholders' best interests”.

According to AVI, the credibility of the company's directors' has been called into question "following its failure to hold former president Takakazu Uchiyama to account for decades of related-party transactions" and after the "debacle at Fujitec's AGM where, despite shareholders not voting for his re-election, Takakazu Uchiyama was allowed to continue leading the company as chair". In a statement released by AVI, it recalled how in the run up to the 2022 AGM Fujitec had failed to respond to "legitimate concerns raised by Oasis Management Company Ltd regarding related-party transactions h...

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