Shin Dong-ju's Attempt to Shake Lotte Fails... Japanese Lotte Holdings' Shareholders Meeting Proposal Rejected

Regular General Meeting of Lotte Holdings Japan on the 28th
All Proposals by Chairman Shin Dong-ju Rejected

Shin Dong-ju, Chairman of SDJ Corporation (former Vice Chairman of Japan Lotte Holdings), attempted his ninth 'Lotte shake-up' at the regular shareholders' meeting of Japan Lotte Holdings on the 28th but failed once again.

According to Lotte on the 28th, all of Shin Dong-ju's proposals at the Japan Lotte Holdings shareholders' meeting, including his own director appointment and amendments to the articles of incorporation, were rejected. The company's proposals (dividend distribution of surplus, appointment of six directors) were approved. With this, all proposals Shin Dong-ju has submitted at nine shareholders' meetings since 2016 have been rejected.

Lotte believes that Shin Dong-ju's failure to gain shareholder trust is related to previous violations of compliance management. Shin Dong-ju was consecutively dismissed from his director position at Japan Lotte from December 2014 to January of the following year and was ruled 'unfit for management' in a damages lawsuit he filed against the company. According to information disclosed during the trial, Shin Dong-ju pushed forward the 'POOLIKA' business, which was based on the use of illegally collected videos, despite opposition from the board of directors, and also obtained employee email information through improper means.

Meanwhile, Shin Dong-ju stated, "Currently, Lotte has failed to present effective policies regarding the downturn in its core businesses and has not achieved noticeable results in new growth sectors. This is due to the lack of management capability of Chairman Shin Dong-bin of Lotte," adding, "Regardless of the outcome of this shareholders' meeting, I will continue efforts to rectify the management system of the Korea-Japan Lotte Group."

This content was produced with the assistance of AI translation services.