22 Jan '12, 5am

Olympus scandal triggers Japan shareholder activism: TOKYO (AFP) - After British whistleblower Michael Woodford

TOKYO (AFP) - After British whistleblower Michael Woodford was sacked as CEO of Olympus and revealed the Japanese firm had covered up losses of US$1.7 billion (S$2.2 billion), he mounted a campaign to get his job back. His effort though went nowhere, with Japanese financial institutions preferring to stick with the remaining board and several disgraced directors, some of them being sued by Olympus itself. Now a group of 26 activist lawyers is looking to change Japan's closed corporate society as the scandal rocks global confidence in the business governance standards of the world's third-largest economy. Mr Woodford, the first non-Japanese to lead the camera and medical equipment maker, was disgusted at the lack of response to his campaign for reinstatement. Institutional shareholders 'are the reason why these directors are still there, without their support they shouldn't...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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