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

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June 25, 2024 3:48 AM EDT

FILE PHOTO: SoftBank CEO Masayoshi Son speaks at the SoftBank World 2023 corporate conference, in Tokyo, Japan October 4, 2023. REUTERS/Francis Tang/File Photo

TOKYO (Reuters) - Shareholder support for the reappointment of SoftBank Group Chief Executive Masayoshi Son has fallen to 79.22% from 95.93% a year ago after proxy advisor Institutional Shareholder Services (ISS) recommended against his reappointment, a stock market filing showed on Tuesday.

ISS opposed Son's reappointment because the tech investment group had posted an average return on equity of less than 5% 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%, compared with 66.9% 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.

(Reporting by Anton Bridge; Editing by David Goodman)


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