18 Japanese companies disclose AGM voting results

Some 18 Japanese companies are known to have disclosed the results of their 2009 AGMs on their corporate websites, in what is an improvement from two companies on 2008 according to Sumitomo Trust. Japanese regulators are expected to introduce a rule on disclosure of proxy voting results ahead of Japan’s 2010 AGM season.

The data disclosed for Nikkei 225 constituents shows turnouts ranging between 65% and 81%, suggesting turnout levels higher than most European markets. One notable feature of the data disclosed is that valid votes represent circa 90% of the total votes cast. Only ‘affirmative vote’ data is disclosed, with against votes aggregated with abstentions (if the latter are even included). Data also represents proxies and votes cast on the internet and is not the official poll results. None of the companies in the Nikkei 225 who disclosed vote data presented full information on the director elections – with some opting to disclose the range of votes (highest and lowest) voting in favour of the directors, without identify the directors.

Results of the voting at those companies constituent in the Nikkei 225 are available to view on Manifest VoteWatch ™.

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