TOKYO : Investors in Japanese elevator maker Fujitec Co Ltd voted on Friday to oust three of five incumbent outside directors and elected four of six new directors nominated by an activist fund at an emergency general meeting on Friday, the Nikkei reported.The results represent a partial victory for Oasis
TOKYO : Investors in Japanese elevator maker Fujitec Co Ltd voted on Friday to oust three of five incumbent outside directors and elected four of six new directors nominated by an activist fund at an emergency general meeting on Friday, the Nikkei reported.
The results represent a partial victory for Oasis Management, Fujitec's top shareholder with a 17 per cent stake, which sought to replace the external directors on an eight-strong board with its own candidates to blunt what the Hong Kong-based fund claims is the undue influence of the company's founding family.The shareholders also rejected two additional directors nominated by the company, according to the Nikkei.
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