J-Power's shareholders rejected a proposal by British hedge fund TCI to double the annual dividend and other proposals at the utility's annual general meeting Thursday in Tokyo.
The results belied high expectations that Japan's traditionally docile shareholders would make some noise about ousting management and increasing shareholder returns, following the surprise success of U.S. hedge fund Steel Partners in forcing wigmaker Aderans Holdings Co. to change its management last month at a shareholders' meeting.
But investors in Electric Power Development Co., as J-Power is officially known, rejected The Children's Investment Fund's proposals to double the annual dividend to ¥120, change management, hire at least three outside directors, limit cross-shareholding to a maximum of ¥5 billion and buy back ¥70 billion worth of shares.