Kobayashi Pharmaceutical remains only halfway through overhauling its corporate governance, as it struggles to restore public trust following the revelation of health problems linked to some of its dietary supplements more than a year ago.
In an effort to move past its troubled legacy, the Osaka-based company has replaced its president twice and appointed an external chairman. These steps were intended to reduce the influence of the founding family, whose dominance has been widely seen as a root cause of the scandal.
The family is believed to hold a 30% equity stake in the company and wields significant influence, posing a formidable barrier to meaningful internal reform efforts.
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