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Article

29 Jun 2011

Author:
Kazuaki Nagata, Japan Times

Shareholders hammer Tepco over nuclear fiasco [Japan]

Tokyo Electric Power...faced...heavy flak from shareholders Tuesday at their annual meeting...over how it has handled the world's worst nuclear accident since the 1986 Chernobyl disaster. Many investors demanded to know why Tepco failed to foresee the tsunami risk..."Why didn't you take adequate tsunami precautions? Were you just leaning back in your chair?" one shareholder asked...Although it was voted down, 402 shareholders submitted a motion demanding that Tepco not build any more atomic plants and decommission its existing plants step by step..."I was living about 20 km from the plant and had to evacuate...my life was thrown into disarray in an instant," said one of the shareholders who submitted the proposal...Many also demanded that management be held responsible, with some saying executives should relinquish their salaries and Tepco employees' corporate pension benefits should be slashed to help the company generate its compensation costs...