Tuesday 21 June 2016

SoftBank special committee clears president Nikesh Arora

New Delhi: Tokyo-based SoftBank Group Corp on Monday announced that a special committee of independent members of its board of directors has completed its review of allegations regarding president and chief operating officer (COO) Nikesh Arora. The Special Committee has concluded that the claims concerning the conduct of Arora during his tenure at SBG are without merit. The Special
Committee was formed in February of this year. It conducted its review with the assistance of independent counsel at Shearman & Sterling LLP and Anderson Mori & Tomotsune.

Earlier, Bloomberg had reported in April this year that a group of investors in SoftBank Group Corp. has called on the board to investigate and possibly dismiss Arora, the company’s second in command, in a sharply critical, 11-page letter that questioned his track record and qualifications as president and heir apparent to billionaire founder Masayoshi Son.

The request came in a letter to SoftBank’s board dated 20 January from the American law firm Boies Schiller & Flexner and signed by Matthew Schwartz, a partner at the elite New York firm, without identifying the shareholders or how much stock they own.

“As I said when these allegations first became public, I have complete trust in Nikesh and I am pleased the special committee has looked into these claims thoroughly and concluded they are without merit, ” said Son.

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