Supplementary Information on Matters for Approval at the 44th Annual General Meeting of Shareholders
SoftBank Group Corp. (“SBG”) provided the following supplementary information for consideration and approval of shareholders regarding "Proposal 2: Election of Nine Board Directors" that will be submitted to the 44th Annual General Meeting of Shareholders scheduled to be held on June 21, 2024.
The digital notice of this General Meeting of Shareholders was released on May 29, 2024 in Japanese and on May 31, 2024 in English on SBG’s website and the electronic voting platform provided by ICJ, Inc., as well as on the SBG’s webpage of the Tokyo Stock Exchange.
Proposal 2: Election of Nine Board Directors
In this proposal, SBG proposed that Masayoshi Son, Yoshimitsu Goto, Ken Miyauchi, Rene Haas, Masami Iijima, Yutaka Matsuo, Keiko Erikawa, Kenneth A. Siegel and David Chao be nominated as candidates for Board Directors (reappointed). Please refer to the Notice of the 44th Annual General Meeting for the biographies of each of the candidates.
Institutional Shareholder Services Inc. (ISS), a proxy advisory firm, recommended against Mr. Son, a candidate for director and the founder of SBG. ISS opposes the election of Mr. Son because he falls under the following criteria for the election of directors of a company with a statutory auditor structure.
- At companies with a statutory auditor structure: vote for the election of directors, except:
- Top executive(s) at a company that has underperformed in terms of capital efficiency (i.e., when the company has posted average return on equity (ROE) of less than five percent over the last five fiscal years), unless an improvement is observed;
(Omitted below)
SBG regrets that it was unable to meet the capital productivity standards of ISS. However, as SBG’s core business is investment, we have long believed that Net Asset Value (NAV) is an appropriate indicator for evaluating investment companies, and we have publicly announced this belief in our earnings announcements and other communications. In FY2023, the value of our shareholdings increased, including the listing of our subsidiary Arm, and NAV at the end of FY2023 doubled from the end of the previous fiscal year to a record high level of JPY 27.8 trillion, which we believe contributed significantly to the increase in shareholder value.
-
Releases, announcements, presentations and other information available from this page and elsewhere on this website were prepared based on information available and views held at the time of preparation and speak only as of the respective dates on which they are filed or used by SoftBank Group Corp. or the applicable group company, as the case may be. Such information is subject to change and may become out-of-date. Such information may also contain forward-looking statements which are by their nature subject to various risks and uncertainties that may cause actual results and future developments to differ materially from those expressed or implied by such statements. Please read legal notices in its entirety prior to viewing any information available on this website.
