Universal Entertainment to establish governance committee
The task force will be led by Hajime Tokuda.
Japan.- Universal Entertainment has announced the establishment of a Governance Committee composed of outside officers to take measures to preserve its claims against Jun Fujimoto, the former director of Universal Entertainment who stepped down on August 30.
The company said it has decided to establish the task force to “verify whether the management team’s stance, awareness of compliance, and governance structure are in line with the trust and expectations of shareholders and employees, as well as the trust of domestic and international stakeholders, and to improve and enhance these areas.”
The task force will be led by Hajime Tokuda, its newly appointed representative director and president. The committee will also consist of Masayoshi Miyanaga as outside director; Hiroshi Miyauchi as outside director; and Yutaka Yazawa as full-time audit & supervisory board member.
The committee will examine the company’s management, business operations, and organisation by March 2025. It will also pinpoint the governance issues and recommend essential actions to the board of directors concerning the future governance framework and the conduct of business operations.
At a September 19 meeting, the company will discuss the election of Tomohiro Okada, the son of founder and former chairman Kazuo Okada, as director. Okada currently serves as the director of parent company Okada Holdings.
Fujimoto resigned from the position of representative director and president of Universal Entertainment following a ruling by the Tokyo High Court regarding a shareholder lawsuit dating back to August 26, 2019. The court found Fujimoto guilty of causing the company to transfer nearly US$43.5m without adequate justification and without adhering to internal decision-making protocols.
Universal Entertainment completes US$760m early note redemption
Universal Entertainment has announced through a company filing it has completed the early redemption of US$760m overseas private placed notes, which were originally set to mature in December 2024. The repayment was completed on September 4.
The notes were part of private placements, including notes exchanged for existing ones due in 2021 (US$482m) and additional notes issued in 2020 (US$135m) and 2021 (US$143m). The redemption price was 108.75 per cent of the principal amount, with an additional accrued interest of US$20.17 per US$1,000, making the total redemption amount US$826.5m.
