Olympus shareholders told to reject board nominees

I hope the shareholders have an ounce of common sense and heed the advisory. I also applaud the notion of reviewing the past performance of executives. No regular employee is promoted without a track record of successful decision making, yet performance reviews seem to be foreign territory to executives. I sincerely hope that firms like ISS do a lot more business weeding out the under-performing old-boy's club executives from most Japanese companies.

Kimoto and Fujizuka would be “internal” directors held to account if they engaged in activities that did not benefit Olympus, it said.

Like the last guys were?! You can hardly blame people for being skeptical.

and...Olympus and its share holders have a track record for taking sound advice...???

There is a lot at stake here, and teh advice is very prudent. Sadly though, most of shareholdings are likely to be indirect via funds, which are held by asset managers on behalf of clients, who are owned by (generally speaking).......banks! Depending on agreement with client, the bank may actually hold the voting rights of the shares.

firm has told Olympus shareholders to reject

Isn't this crap what got the company into problems in the first place? Why are you telling anyone what to think and do? Aren't these guys board members because they supposedly have a clue about how to run things and who is best for the job? Allow them to think abotu it and if they don't agree, off these guys go. Let them do their job FFS. Exactly like being told to shut up and not say anything.

I hope they do indeed reject the nominees -- it sounds like, once again, a Japanese body or company is hoping the scandal will quietly die down and they won't have to alter their practices much.

So when the scam doesn't work, pretend that it does and repeat the same thing all over?

Geez, Japan inc. really needs fresh thinking desperately. I'm not surprised that shareholder's assemble in public parks behind blue tarpaulins. Only a complete idiot would invest in Japan.

@tmarie. Interesting post, you are right, but for the wrong reasons!

Isn't this crap what got the company into problems in the first place?

Yes, people in charge of a firm that don't have the shareholders interests at heart

Aren't these guys board members because they supposedly have a clue about how to run things and who is best for the job?

Yes, but their interests could be to put the interests of the banks who loaned money to Olympus above the individual investors who provided their savings, etc and boughts shares in the firm, with the belief that management would increase the value of the shares (and not lie of course).

http://www.japantoday.com/category/business/view/olympus-names-board-member-as-new-president#comment_1236242 This was covered on JT February 28th. JT Posters were sceptical then. Seems we were not alone.

Sasa? So-so.

Look at that photo.

I thought The Walking Dead was over until Season 3 in the Autumn. Apparently not.