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Wacom Opposes Shareholder Proposal On Board Changes

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Wacom (TYO:6727) opposed a shareholder proposal from AVI Japan Opportunity Trust, seeking the election of one director and the dismissal of two, after its board resolved its position, according to a Thursday filing on the Tokyo Stock Exchange.

The company said its governance structure already ensures independence through a majority of outside directors and a nominating committee process. It opposed the proposed appointment of Yoichi Suhama, citing overlap in skills and limited listed-company board experience, and also questioned his independence.

Wacom rejected the proposed dismissal of President Nobutaka Ide and COO Takafumi Nakajima, saying both have supported improved financial performance since fiscal 2018.

It also defended its RE-X Expansion acquisition and said governance concerns raised by the shareholder were unfounded. The shareholder meeting is set for June 25.

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