Nikko Asset Management Co., Ltd (“Nikko AM”) has announced that it will nominate Takumi Shibata as its candidate to be Director and Chairman at the annual shareholders’ meeting (AGM) on June 28, 2013. Upon approval, his appointment will take effect on July 1, 2013. Charles Beazley will remain President and CEO and continues to be responsible for the day-to-day management of the business.
In this move, Nikko AM will separate the roles of Chief Executive and Chairman in line with common corporate governance practices, with the Chairman in charge of governance related matters and the CEO in charge of executing the business strategy and running Nikko AM’s day-to-day business.
Together, Takumi Shibata and Charles Beazley will form a new leadership team for Nikko AM.
With the recent retirement of two senior executives, Charles Beazley was performing the combined roles of Chairman, President and Chief Executive. The board was pleased to find in Takumi Shibata such an ideal candidate as Chairman, strengthening the company’s corporate governance.
Accordingly, the separation of the Chairman and CEO roles was a decision taken unanimously by the Board of Nikko AM. It reflects the company’s strong commitment to adhere to international best practice of good corporate governance, a guiding principle of Nikko AM’s corporate strategy and an important step for the future of the company.
Takumi Shibata has long been a leading figure in the global financial services industry, with extensive experience of both the Japanese and international markets. Together, Shibata and Beazley will continue the execution of Nikko AM’s successful business expansion and position the company en route to its IPO, with the full support of the Board and company shareholders.
Charles Beazley commented: “I strongly believe that international best practice and good corporate governance requires a separation between the positions of Chairman and CEO and I informed the board early this year that this was the path we needed to follow. This is especially important for a company that intends to IPO and needs to meet the scrutiny of the international markets.”
“Mr. Shibata is one of a handful of Japanese financial service executives who combines a deep understanding of the Japanese market with a vision at the global level. He is well respected across the global financial services industry and will be an essential source of additional strategic knowledge to our Board. I have known Mr. Shibata for a number of years and very much look forward to working with him as we move the business forward.”
Takumi Shibata commented: “Nikko AM’s growth strategy as a leading pan-Asian asset manager, which has progressed through organic growth and targeted acquisitions in key markets, is remarkable. The best opportunities for growth across different markets and client segments are right here in Asia; the emergent wealth in Asia and the structural resurgence of Japan as an investment opportunity will be key drivers for Nikko AM’s growth. I hope to bring additional insights to Nikko AM’s board and assist its strategic development and growth.”
The new roles will be effective July 1, 2013. Takumi Shibata’s appointment as Chairman will bring the board composition to 9 directors: 4 executive directors, 3 non-executive independent directors and 2 from the Sumitomo Trust and Banking Co., Ltd. (STB).
Over the past few years, Nikko AM has made significant acquisitions in Singapore, Hong Kong, China, Australia and New Zealand and has added stakes in a number of leading independent Malaysian firms. Most recently, Nikko AM also launched a joint venture in India. These deals have provided Nikko AM with a regional footprint across Asia-Pacific and a head start to its business growth outside of Japan.
Charles Beazley further commented: “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.”
For inquiries, please contact:
Singapore
Jeanie Cheah, Senior Marketing Manager
Tel: +65-6500-5793
Email: Jeanie.Cheah@nikkoam.com
International
Jo Nhan, Marketing Communications Manager
Tel: +852-3940-3939
Email: Jo.Nhan@nikkoam.com
