Glass Lewis issued a controversy alert on Thursday for Sompo Holdings (TYO:8630) shareholders ahead of the insurance holding company's annual general meeting on June 23.
The alert relates to compliance concerns within the company, such as several regulatory sanctions stemming from compliance failures, leading to legal and reputational risks.
Subsidiary Sompo Japan released a report on extensive misconduct, such as senior executives meddling with internal investigations, days before the 2024 annual general meeting.
Following a data breach-related business improvement order in March, the subsidiary proposed an improvement plan while the parent detailed wider governance changes in its 2025 annual general meeting documents.
The alert's rationale relates to relevant media coverage and potential material ESG risk and falls under oversight issue and other governance issue.
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