TOKYO : Cosmo Energy Holdings' 'poison pill' proposal against a prominent activist investor could have been blocked if the company had not adopted a controversial voting pattern, details of the vote count released on Friday showed.Shareholders of Japan's third-biggest oil refiner approved on Thursday a po
TOKYO : Cosmo Energy Holdings'"poison pill" proposal against a prominent activist investor could have been blocked if the company had not adopted a controversial voting pattern, details of the vote count released on Friday showed.
It marked only the second so-called majority-of-minority vote on a poison pill in Japan. Such votes prevent specific shareholders from voting, a practice some governance experts say could serve as a new weapon against shareholder activism. A Reuters calculation based on votes cast plus Murakami group's voting rights, however, showed that the percentage supporting the poison pill proposal would have dropped to below 50 per cent, and thus causing it to fail.
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