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 companys largest shareholder with between 15% and 20% of the stock, opposed Mr. Hyodos 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 couldnt be reached for comment.