NIPPONKOA Insurance Co. shareholders re-elected Makoto Hyodo, president and CEO, as director of the Tokyo-based company, according to an unconfirmed report.
A NIPPONKOA statement prior to the vote said Mr. Hyodo “has been leading us to actively work on the reform of consciousness of all the executives and employees and … executing various measures for improving the shareholder value,” including bolstering shareholder return, corporate governance reform and improving asset management.
Southeastern Asset Management, the company’s largest shareholder with between 15% and 20% of the stock, opposed Mr. Hyodo’s election because of what it called inadequate leadership producing disappointing corporate performance, according to a Southeastern statement prior to the vote.
Lee Harper, Southeastern vice president, said the firm had no comment. NIPPONKOA representatives couldn’t be reached for comment.
