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Shareholder support for SoftBank CEO Son’s reappointment falls to 79%

Published Tue, Jun 25, 2024 · 04:26 PM
    • ISS opposed Masayoshi Son’s reappointment because the tech investment group had posted an average return on equity of less than 5 per cent over the past five years.
    • ISS opposed Masayoshi Son’s reappointment because the tech investment group had posted an average return on equity of less than 5 per cent over the past five years. PHOTO: REUTERS

    SHAREHOLDER support for the reappointment of SoftBank Group chief executive Masayoshi Son has fallen to 79.22 per cent from 95.93 per cent a year ago after proxy advisor Institutional Shareholder Services (ISS) recommended against his reappointment, a stock market filing showed on Tuesday (Jun 25).

    ISS opposed Son’s reappointment because the tech investment group had posted an average return on equity of less than 5 per cent over the past five years, SoftBank said in a press release earlier in June.

    Among Softbank’s other directors, shareholder support for external director Kenneth Siegel remained low at 68.46 per cent, compared with 66.9 per cent last year.

    Siegel is managing partner of law firm Morrison Foerster in Tokyo and has been involved in some of SoftBank’s highest-profile deals. REUTERS

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