Shareholders Meeting: Proxy Adviser and Investor Confidence

shareholders meeting: The stock closed 11 percent higher on Wednesday, the biggest gain since November 2016, paring this year's decline to 10 percent. ; Nomura's shareholders are scheduled to gather Monday, with one influential proxy adviser calling for the ouster of Chief Executive Officer Koji Nagai after the firm was penalized for leaking sensitive stock market information, according to The Japan Times. Nagai is trying to restore investor confidence by cutting costs at its global investment banking and markets business and trimming retail branches at home following its first annual loss in a decade. Just days before its annual shareholders meeting, Japan's biggest brokerage said Tuesday that it will trim its stake in an affiliate that was involved in a damaging information leak and use the proceeds to fund the stock repurchase. We believe the firm's relative share price and earnings momentum is bottoming, SMBC Nikko Securities Inc. analysts including Shinichiro Nakamura wrote in a note. On Tuesday, Nomura Research Institute agreed to buy back its shares from Nomura for 160 billion 1.5 billion pushing down the brokerage's stake in NRI to 23.1 percent from 36.6 percent. The firm could well have put the worst behind it for now, though we will need to monitor the longer-term picture in terms of cost cuts through restructuring and a bottom for earnings at the retail and wholesale divisions. (news.financializer.com). As reported in the news.