The Kansai Electric Power Company, Incorporated | Partial Amendment to Articles of Incorporation of Company (1)_Executive Renumeration at The Kansai Electric Power Company, Incorporated

Status
33.80% votes in favour
AGM date
Previous AGM date
Proposal number
13
Resolution details
Company ticker
9503
Lead filer
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Remuneration or pay
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Utilities
Company HQ country
Japan
Supporting statement
Three years ago, the incident of receiving cash and gifts came to light. The large amounts of cash and gifts were received from influential persons and related companies of local areas of nuclear power plant locations, and the trust in the Company crumbled. The Third Party Committee that investigated the incident made it clear that compensation was added to salaries for executives without approval, and the individual income tax for that additional portion was paid by the Company. Citizens were outraged that the executives of the Company, a public interest company, were secretly enriching themselves. Over 3,000 people accused nine former executives. The prosecution was dropped one time, but 1,338 people objected to the judgment and petitioned the Committee for the Inquest of Prosecution to pursue the case. Moreover, shareholders aim to unravel the incident of receiving cash and gifts in court, but the former executives, the defendants, have the audacity to say that they “only kept the money for the Company,” expressing no remorse for what they have done. Because the Company transitioned to a Company with Nominating Committee, etc. in order to increase the number of outside executives and prevent self-serving decisions on the amount of - 40 - remunerations, the Company should take the lead and disclose the remuneration of all Directors and Executive Officers individually.

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