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World News | August 2011

Tokyo Electric Power Co gets to keep nuclear plants

Tokyo Electric Power Co (Tepco), won institutional shareholder backing to keep its reactors in the face of anger from rank-and-file stockholders seeking an end to nuclear energy. A motion filed at the utility's AGM would have forced managers to scrap all nuclear reactors and stop building new ones. Although put forward each year, the proposal this year took on greater resonance because radiation is still escaping from Tokyo Electric's nuclear plant in Fukushima.

Overwhelming support for the proposal among thousands at the meeting in Tokyo did not sway investors, such as Daiichi Life Insurance, which owns most of the stock and is the biggest shareholder with a 3.43 per cent stake.

The motion's defeat triggered protests among people who had travelled to confront executives of the utility over the worst nuclear power accident since Chernobyl in 1986. The result of the vote will be a relief for Tepco, which relies on nuclear power for 30 per cent of its output.
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