Bowl is half full for Japanese toilet maker Lixil
26/06/2019 03:21
(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
By Jeffrey Goldfarb
HONG KONG, June 26 (Reuters Breakingviews) - Shareholders of
the $4 bln company reinstated the former CEO months after he
left, and voted for directors he supported. Yet
management-backed nominees won seats too. It's a corporate
governance win that leaves a large and possibly contentious
board to guide Lixil back to profit.
Full view will be published shortly.
On Twitter https://twitter.com/jgfarb
CONTEXT NEWS
- The former chief executive of Japanese toilet maker Lixil
was reinstated by shareholders in a vote on June 25, after his
abrupt resignation in October triggered a revolt by a group of
them.
- Shareholders endorsed Kinya Seto, along with five other
director candidates he had backed, at the annual general
meeting. Another six candidates proposed by management were also
elected to the board, while two appointees were supported by
both sides.
- Two candidates from the management side did not win enough
support.
- Lixil shares were up 17%, to 1,730 yen apiece, in morning
trading on June 26 in Tokyo.
- For previous columns by the author, Reuters customers can
click on GOLDFARB/
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Lixil AGM results https://ssl4.eir-parts.net/doc/5938/announcement6/50959/00.pdf
Former CEO of Japan’s Lixil returns after governance tussle
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(Editing by Clara Ferreira Marques and Sharon Lam)
((jeffrey.goldfarb@thomsonreuters.com; Reuters Messaging:
jeffrey.goldfarb.thomsonreuters.com@reuters.net))