Tepco held its annual general meeting of shareholders yesterday, and it was apparently not the quiet rubber-stamp meeting of old. Instead, it was a noisy rubber-stamp meeting, with management positions approved largely on the basis of absentee votes. (This is perfectly legal. Because not everyone can attend, shareholders get the basic agenda in advance and can vote by mail, including designating Tepco management as their proxy.)
Still, it would be interesting, if the people who proposed the motion that Tepco amend its articles of incorporation to say it is getting out of nuclear power wanted to, to contest the count of the absentee ballots. Even though the count is done by a third party, this is a third party with a long history of doing business with Tepco. So it could be argued that they are not impartial. And it would be interesting to get the votes out in public. All of those banks and other companies that have Tepco stock. How did they vote? And how is that position influencing their lending for renewable energy projects, for example?
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For some people, seeing all of those big names backing Tepco may well give Tepco’s claims credibility. For others, it will be a chance to make life uncomfortable for the nuclear advocates. Or it might be the vote was closer than we have been led to believe it was. Regardless, it might be an interesting experiment in transparency.