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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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Glass Lewis opposes lawyer election to SoftBank board

06/07/2021 | 10:13pm EDT
FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo

TOKYO (Reuters) - Proxy adviser Glass Lewis has urged SoftBank Group Corp shareholders to oppose the election of corporate lawyer Ken Siegel to the board of directors due to his professional ties with the Japanese conglomerate.

The opposition is one of a number of recommendations to SoftBank shareholders ahead of the group's annual general meeting on June 23, with both Glass Lewis and peer Institutional Shareholder Services (ISS) opposing elections to auditor positions over independence concerns.

Siegel is managing partner at the Tokyo office of law firm Morrison & Foerster and has worked on some of SoftBank's biggest deals, including the $40 billion sale of chip company Arm to Nvidia Corp.

"We question the need for the Company to engage in legal services with its directors. We view such relationships as creating conflicts for directors," Glass Lewis wrote in a proxy paper.

SoftBank and Siegel did not immediately respond to Reuters requests for comment.

The recommendations come amid investor concern about the independence of SoftBank's board directors and their willingness to question decisions by founder and Chief Executive Masayoshi Son.

SoftBank reported record annual earnings in the year ended March as portfolio valuations bounced back, intensifying concerns of there being less pressure on Son to listen to external views.

Both proxy advisers favour the election of the group's other proposed independent director, veteran gaming executive Keiko Erikawa https://www.reuters.com/business/son-chan-invites-veteran-stock-picker-softbank-board-2021-05-22, who will be the board's only woman, replacing Waseda University business professor Yuko Kawamoto.

The proposed board changes https://www.reuters.com/business/finance/softbank-nominates-koei-gaming-exec-board-2021-05-21 will increase the number of external directors to five from four.

(Reporting by Sam Nussey; Editing by Christopher Cushing)

By Sam Nussey


© Reuters 2021
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Financials
Sales 2022 5 951 B 54 256 M 54 256 M
Net income 2022 1 054 B 9 611 M 9 611 M
Net Debt 2022 13 879 B 127 B 127 B
P/E ratio 2022 12,1x
Yield 2022 0,66%
Capitalization 11 712 B 107 B 107 B
EV / Sales 2022 4,30x
EV / Sales 2023 4,15x
Nbr of Employees 58 786
Free-Float 49,4%
Chart SOFTBANK GROUP CORP.
Duration : Period :
SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
Technical analysis trends SOFTBANK GROUP CORP.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Last Close Price 6 837,00 JPY
Average target price 11 266,93 JPY
Spread / Average Target 64,8%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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