JAPAN: Tepco shareholders gather in Tokyo for first trime since tsunami, earthquake disasters

Record ID: 464042

  • Title: JAPAN: Tepco shareholders gather in Tokyo for first trime since tsunami, earthquake disasters
  • Date: 29th June 2011
  • Summary: TOKYO, JAPAN (JUNE 28, 2011) (REUTERS) EXTERIOR OF HOTEL WHERE TOKYO ELECTRIC POWER COMPANY (TEPCO) IS HOLDING THEIR SHAREHOLDERS MEETING POLICE STANDING AMONGST CROWD MEDIA BOARD WITH TEPCO LOGO MAN HOLDING BOARD WITH TEPCO LOGO DIRECTING SHAREHOLDERS TO THE MEETING TWO PROTESTERS TALKING TO POLICE POLICE DIRECTING TRAFFIC MORE OF SHAREHOLDERS ARRIVING (SOUNDBITE) (Japanese) TEPCO SHAREHOLDER ETSUKO MATSUKO, SAYING: "I have never been to one of these shareholders meetings. I am here because I think the fault lies with the government." MORE OF SHAREHOLDERS ARRIVING (SOUNDBITE) (Japanese) TEPCO KAZUHIRO IDEI, SAYING: "Until this accident happened, I thought Tepco managers had a more solid vision and idea of what they were doing. But since this accident they've just been floundering." JAPANESE MEDIA INTERVIEWING SHAREHOLDER SUMIKO OKADA (SOUNDBITE) (Japanese) TEPCO SHAREHOLDER SUMIKO OKADA, SAYING: "I want this company to become one that provides a safe and cheap means of energy. But I don't think the problem lies all with Tepco but also with the government's nuclear policy all these years." MORE OF SHAREHOLDERS
  • Embargoed: 14th July 2011 13:00
  • Keywords:
  • Location: Japan, Japan
  • Country: Japan
  • Topics: Business,Disasters,Energy
  • Reuters ID: LVA8ACJHDEHCIX8737S3VOH1JFM0
  • Story Text: Tokyo Electric Power Company shareholders gathered in record numbers on Tuesday (June 28) for an annual meeting, to vote on a stockholder motion calling for the utility company to abandon nuclear power.
    At least 400 police were on hand for the meeting, expected to be the year's most closely watched.
    At least 3,000 shareholders streamed on to the Prince Park Tower Hotel in central Tokyo for the meeting.
    The proposal to scrap all nuclear power takes on greater resonance this year as radiation is still leaking from reactors at its damaged plant in Fukushima, 240 km (150 miles) north of the capital.
    Many shareholders, though not entirely ready to completely abandon nuclear power, blamed the government and wanted to see better management at Tepco.
    "I have never been to one of these shareholders meetings. I am here because I think the fault lies with the government," said 73-year-old Etsuko Matsuo.
    "Until this accident happened, I thought Tepco managers had a more solid vision and idea of what they were doing. But since this accident they've just been floundering," added 74-year-old Kazuhiro Idei.
    "I want this company to become one that provides a safe and cheap means of energy. But I don't think the problem lies all with Tepco but also with the government's nuclear policy all these years," said 79-year-old Sumiko Okada.
    Tepco's senior management kicked off the shareholders meeting on Tuesday with a deep bow signifying an apology to all those concerned.
    "Myself and Tokyo Electric Power Company's whole senior management would like to deeply apologise for causing so much trouble for so many people," said Tepco's chairman Tsunehisa Katsumata.
    Since the March 11 earthquake and tsunami that triggered the Fukushima crisis, the value of Tokyo Electric's shares has plummeted at least 80 percent.
    Among groups intent on voicing their anger at the utility, was Greenpeace.
    Protesters held up banners calling Tepco 'the worst ever polluting company".
    Greenpeace nuclear energy demonstrator Kazue Suzuki said the shareholders should hold themselves accountable too.
    "The shareholders should also feel a responsibility towards the children of Fukushima," said Suzuki.
    Tepco now faces a compensation bill to victims that could exceed $100 billion U.S. dollars.
    Prime Minister Naoto Kan is under mounting pressure to keep a pledge to quit as Japan struggles to rebuild after the March 11 earthquake and tsunami and the subsequent accident at Fukushima nuclear plant, the world's worst atomic crisis since Chernobyl 25 years ago.
    In an apparent effort to bolster his fading clout, Kan promoted Goshi Hosono, a close aide, to be the minister in charge of Japan's nuclear crisis as a part of a minor cabinet reshuffle. He also tapped a coalition partner to be an adviser.
    Ryu Matsumoto became the minister for reconstruction and gave up his environment portfolio, which the justice minister will double.
    Most key ministers, including Finance Minister Yoshihiko Noda and Economics Minister Kaoru Yosano, kept their posts, indicating no impact on economic policy.
    A political stalemate over Kan's departure, however, risks slowing efforts to recover from the March disaster and the radiation crisis, and could delay steps to tackle structural problems including massive public debt.
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