Governance structure
Company with Three Statutory Committeeswith respect to major shareholders, Dalton alone held 19.75% of shares and other securities, while the proposing shareholders and their joint holders held 32.84%
When one company holds most of the voting rights, its wishes are more likely to prevail in management. How the interests of minority shareholders are protected is a key issue.
The Board of Directors resolved to oppose the shareholder proposal. The Company published its opinion on the proposal to elect 2 directors.
| Item | Details |
|---|---|
| Corporate Governance Structure | Company with Three Statutory Committees |
| Committee | Nomination Committee (percentage of outside members: not disclosed), Remuneration Committee: not disclosed, Audit Committee: not disclosed |
| Controlling shareholder | Not disclosed (with respect to major shareholders, Dalton alone held 19.75% of shares and other securities, while the proposing shareholders and their joint holders held 32.84%) |
| Changes this time | The Board of Directors resolved to oppose the shareholder proposal. The Company published its opinion on the proposal to elect 2 directors. |
Items this document does not state (4)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The Company stated that it opposes the proposal because the candidates have close ties to Dalton Group, a major shareholder, raising concerns about their independence; their appointment could give rise to conflicts of interest between general shareholders and Dalton Group; and a Board of Directors comprising the Company’s nominated candidates, including the existing outside directors, would be best positioned to maximize corporate and shareholder value.