nuclear-news

Japan’s utilities meetings: shareholders demand end to nuclear power

Utility shareholders meet / Nuclear power decried; TEPCO’s de facto nationalization OK’d The Yomiuri Shimbun, 28 June 12 De facto nationalization of Tokyo Electric Power Co., which will receive a capital injection of 1 trillion yen in public funds, was approved at its regular general shareholders meeting Wednesday in Tokyo.

TEPCO and eight other power utilities that own nuclear power plants held their annual shareholders meetings across the nation on the day, with shareholders demanding the companies ensure management transparency and give up nuclear power.

At the Yoyogi No. 1 Gym in Shibuya Ward, Tokyo, TEPCO’s shareholders
meeting began at 10 a.m. According to the company, 4,390 stockholders
were at the meeting as of 1 p.m., while more and more shareholders
continued arriving at the venue even after the meeting was convened.

The management submitted at the meeting proposals related to
amendments to its articles of incorporation, which are necessary to
receive the 1 trillion yen capital injection from the government.

Any change to the articles stipulating the company’s basic rules must
be approved, in principle, by more than two-thirds of shareholders in
an extraordinary resolution at a shareholders meeting.

The proposals were passed in the afternoon, formally approving the
virtual nationalization of the utility…… The company also
submitted at the meeting the lineup of 11 new board members, including
incoming Chairman Kazuhiko Shimokobe, who formerly headed the fund’s
management committee, and incoming President Naomi Hirose, who is
currently managing director.

Tokyo Vice Gov. Naoki Inose attended the meeting to represent the
Tokyo metropolitan government, now TEPCO’s largest shareholder…….
Hashimoto: Give up N-plants

Meanwhile, at Osaka’s Umeda Arts Theater, a record 3,825 investors had
already crowded into Kansai Electric Power Co.’s shareholders meeting
as of 1 p.m.

Mayor Toru Hashimoto of the Osaka city government, which is the
largest shareholder in KEPCO, said at the meeting: “If the current
situation continues, KEPCO will collapse. The company hasn’t explained
enough about the risk to its future management.”

Raising questions about management risks for nuclear power plants,
among other issues, Hashimoto demanded KEPCO permanently shut down the
nuclear power plants it owns as soon as possible. Similar questions
were asked also by individual shareholders.

This is the first time in a decade for the nine power companies that
own nuclear power plants to hold shareholders meetings on the same
day.http://www.yomiuri.co.jp/dy/national/T120627005756.htm

June 28, 2012 - Posted by Christina Macpherson | business and costs, Japan