TOKYO -- The owner of the Tokyo Stock Exchange Building faces a shareholder resolution from Hong Kong hedge fund LIM Advisors calling for an end to giving board seats to former executives at the TSE and its parent, a practice LIM says results in offering the bourse below-market rent.
Heiwa Real Estate has customarily appointed ex-officials of the TSE -- its biggest tenant, leasing the entire building -- to directorships. President Kiyoyuki Tsuchimoto is Heiwa's fourth consecutive chief to have started his career at the Tokyo bourse. Including Tsuchimoto, three of Heiwa's five inside directors are TSE alumni.
