Metaplanet Directors Defend Controversial Executive Equity Scheme
- Metaplanet’s independent directors defended the company’s stock acquisition rights scheme amid shareholder protests over dilution.
- In a letter dated Sept. 29, directors stated that management purchased the rights at fair value using personal funds during a financial crisis.
- The original plan aimed to maintain management’s stake at 20% as new shares were issued, with shareholder approval exceeding 98% in February.
- Directors emphasized that comparisons with peers should consider founder ownership alongside executive compensation.
- None of the current independent directors were on the board when the stock rights were initially issued.
The defense of Metaplanet’s executive equity scheme highlights ongoing tensions between management and shareholders, particularly concerning perceived dilution of ownership and compensation structures.
With over 98% of voting rights in favor of the scheme, Metaplanet aims to position its management for long-term success despite shareholder concerns about dilution.(Source)
