Nikko AM splits chairman, CEO roles
Nikko Asset Management has put forward proposals to split its chairman and CEO roles at the next shareholder meeting on 28 June, which would see Takumi Shibata become diretor and chairman, and Charles Beazley president and CEO.
This would leave the chairman in charge of governance matter, and the CEO in charge of executing business strategy and overseeing day-to-day activities.
Recently, Beazley was performing both roles following the retirement of two senior executives. However, the board decided to act to ensure the roles were split to leave Nikko AM in line with international best practice regarding corporate governance.
Shibata and Beazley are tasked with developing the business in order to position it for an IPO.
The new roles will be effective 1 July, 2013. Shibata’s appointment as chairman will bring the board composition to 9 directors: 4 executive directors, 3 non-executive independent directors and 2 from STB.
Over the past few years, Nikko AM has made acquisitions in Singapore, Hong Kong, China, Australia and New Zealand and has added stakes in a number of leading independent Malaysian firms. Most recently, it launched a joint venture in India. These deals have provided Nikko AM with a regional footprint across the Asia-Pacific region.
Beazley added: “Our business strategy is clear, our commitment to it is absolute and our optimism for the company’s growth is considerable – Nikko AM remains committed to its growth plans across Asia and continues to look for opportunities in several key markets.”