Lixil to Hold Shareholder Meeting in May

Economy

Tokyo, March 26 (Jiji Press)--Lixil Group Corp. <5938> said Monday that it will hold an extraordinary shareholders' meeting in the second half of May in response to a request from foreign institutional investors.

The Japanese housing equipment maker has been asked by some shareholders, including four foreign institutional investors, to convene an extraordinary shareholders' meeting.

They have proposed that Lixil oust Chairman and Chief Executive Officer Yoichiro Ushioda and Chief Operating Officer Hirokazu Yamanashi for their lack of governance.

The shareholders' meeting is expected to discuss the proposal for removing Ushioda, a member of Lixil's founding family, and Yamanashi from the company's board. The proposal requires approval from a majority of shareholders present at the meeting.

Foreign institutions made up about 40 pct of the total number of Lixil shareholders as of the end of March last year, while the proportion of Japanese financial institutions stood at some 30 pct.

[Copyright The Jiji Press, Ltd.]

Jiji Press