Name and shame: Nomura Shareholders to Vote on First Proposal Since 2012

May 30, 2025

By Jack Grogan-Fenn

Nomura Holdings’ shareholders are set to vote on a proposal for the first time in 13 years, as proponents seek to tweak the financial services company’s name.

The proposal, filed by a shareholder who is yet to be named, aims to alter the name of the company to Nomura Securities Group. The proponent stated that the name change would help the company return to its founding principles following a scandal last year which has further damaged its reputation.

An employee of the company was found to have manipulated bond derivatives trading, which led to the company being fined ¥21.8 million (U$$169,360) and temporarily excluded from corporate bond deals.

As part of the scandal company executives, including the CEO, were forced to give up some of their pay as a recognition of accountability. However, it was last week reported that Nomura Holdings had increased pay for its seven executive officers to its highest for more than a decade, up 3% from the prior year.

The company’s board is against the shareholder proposal.

The last shareholder proposal which went to a vote at Nomura Holding’s AGM was in 2012 when the company was entangled in an insider-trading inquiry. The proposal, which requested the firm change its name to Vegetable Holdings, reflecting the embarrassment of some shareholders, was voted down.

Nomura Holdings is a member of the Nomura Group, Japan’s largest investment bank. Its AGM will take place on Tuesday 24 June.

Unlike the proxy seasons in the EU, UK and US, which sees shareholder meetings spaced out over several months, Japan’s traditional proxy voting season sees the vast majority of companies stage their meetings in just over a week.

According to Minerva Analytics’ data, there will be 538 AGMs held by Japanese companies during the nine days between Tuesday 17 June and Friday 27 June. This includes car manufacturers Honda, Mitsubishi and Nissan, Japan Airways, tech giant Sony, Nippon Steel and video game company Sega.

The number of AGMs will peak at the end of the second week, with 102 AGMs held on Wednesday 25, 115 on Thursday 26, and 124 on Friday 27.

Minerva’s blog focuses on the latest developments in ESG investing and stewardship. Minerva is a global provider of sustainable stewardship solutions with over 25 years of expertise. Minerva empowers investors by providing essential tools, including ESG research and data, enabling them to navigate the intricate landscape of stewardship and proxy voting, whilst ensuring their decisions are well-informed and aligned with sustainable principle

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