Shareholder backing for Masayoshi Son, Chief Executive of SoftBank Group (9984.T), has dropped to 79.22% from 95.93% compared to a year ago, as reported in a recent stock market filing. This decline follows a recommendation against his reappointment by proxy advisor Institutional Shareholder Services (ISS).
ISS cited SoftBank’s lackluster average return on equity (ROE) of less than 5% over the past five years as the primary reason for its stance, a concern previously highlighted by SoftBank in a June press release.
Kenneth Siegel, an external director at SoftBank and managing partner of Morrison Foerster in Tokyo, also experienced subdued shareholder support, with his reappointment garnering 68.46% approval compared to 66.9% last year. Siegel is noted for his involvement in several of SoftBank’s prominent transactions.
The shareholder vote underscores growing scrutiny over corporate governance and performance metrics at SoftBank, reflecting investor expectations for sustained profitability and strategic oversight in its leadership team.
