MUFG's Nobu Hirano to Rejoin Morgan Stanley Board
30 October 2015 - 11:10AM
Dow Jones News
Morgan Stanley said Nobuyuki Hirano, the president and group
chief executive of Mitsubishi UFJ Financial Group Inc., has
rejoined its board.
Mr. Hirano will replace Masaaki Tanaka, who had served as MUFG's
representative director on Morgan Stanley's board since May 2011.
Mr. Tanaka is a senior adviser of the Bank of Tokyo-Mitsubishi UFJ
Ltd., the core commercial banking unit of MUFG.
The Japanese bank made a $9 billion investment in Morgan Stanley
in the depths of the 2008 financial crisis as Morgan fought to
remain independent after the sale of Merrill Lynch & Co. to
Bank of America Corp. Under the terms of that deal, MUFG gets
representation on Morgan's board.
Mr. Hirano previously joined Morgan Stanley's board in March
2009 and was replaced by Mr. Tanaka about two years later.
Meanwhile, Morgan Stanley's board also amended its bylaws to
grant investors "proxy access," meaning they can now include their
own nominees to the board in its annual proxy statement.
Goldman Sachs added its name to the long list of companies
making the change earlier this week, while Citigroup Inc. and Bank
of America Corp. have adopted similar plans. J.P. Morgan Chase
& Co. has said it is considering the move.
Proxy access gives shareholders greater clout to oust directors
and influence strategy by letting them list competing board
candidates on corporate ballots. The push comes at a time when
activist investors also are trying to force change on some company
boards.
Nearly 10% of the companies in the Standard & Poor's 500
Index have adopted or are committed to proxy access, Institutional
Shareholder Services, a proxy-advisory firm, said Monday.
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(END) Dow Jones Newswires
October 29, 2015 19:55 ET (23:55 GMT)
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