Kepco to oppose all shareholder proposals

Municipalities with stakes seek nuke reduction


Kansai Electric Power Co. has expressed its intention to oppose all shareholder proposals, including one calling on the utility to end nuclear power generation.

In a notice for its general shareholders’ meeting slated for June 27, the power company said it will reject the 28 proposals. The notice was sent to Kepco shareholders Thursday.

The Osaka Municipal Government, whose 9.4 percent stake makes it Kepco’s top shareholder, came up with 10 of the 28 proposals.

The city called on the company to scrap all of its nuclear power plants as early as possible, separate its power generation and distribution operations, halve the number of its board directors and stop hiring retired bureaucrats as highly paid senior officials, a practice called “amakudari,” or descent from heaven.

Kobe, the fourth-largest shareholder with a stake of about 3 percent, and the city of Kyoto, also a Kepco shareholder, have jointly proposed that the company establish a system soon that would enable it to generate power without relying on nuclear energy.

In the notice for the shareholders’ meeting, Kepco said it is necessary to continue using nuclear power as an important energy source while fully ensuring the safety of nuclear plants.

Osaka Mayor Toru Hashimoto is slated to attend the shareholders’ meeting. Senior city officials are set to hold talks with other Kepco shareholders to solicit support for the proposals.