trending Market Intelligence /marketintelligence/en/news-insights/trending/yxmygtmfieu8uaxzyyoj2g2 content esgSubNav
In This List

Hitachi Capital defends director nominations

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Hitachi Capital defends director nominations

Hitachi Capital Corp. defended the nomination of Wataru Sueyoshi and Takashi Nakamura as independent directors following an advisory firm's recommendation against the nominations on the grounds Sueyoshi and Nakamura are not independent.

Hitachi Capital was responding to a report from Institutional Shareholder Services Inc. urging shareholders to vote against the two nominees saying they are nonindependent outsiders. The advisory firm said Sueyoshi serve as a partner lawyer at STW & Partners, a customer of Hitachi Capital, while Nakamura is a former officer of Nichirei Corp., also a Hitachi Capital customer.

The company said Sueyoshi and Nakamura have sufficient independence as transactions between the company and the two nominees' companies are extremely small. It said its transactions with STW & Partners, Nicherei and Nicherei Biosciences Inc., where Nakamura served as CEO, are less than 0.01% of the company's consolidated transaction volume in the past three years. In addition, the transaction contents are lease transactions related to general business equipment.