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Tepco faces shareholder wrath following nuclear crisis Tepco faces shareholder wrath following nuclear crisis
(about 1 hour later)
Japan's Tokyo Electric Power Company (Tepco) faced the wrath of angry shareholders at its first annual meeting since the 11 March earthquake and tsunami. Japan's Tokyo Electric Power Company (Tepco) faced the wrath of shareholders at its first annual meeting since the 11 March earthquake and tsunami.
Shareholders demanded that the company abandon nuclear energy in the wake of the Fukushima Daiichi nuclear crisis. One motion called for the company to abandon nuclear energy in the wake of the Fukushima Daiichi nuclear crisis, although this was defeated.
Tepco may have to pay compensation of almost $100bn (£63bn) following radiation leaks at its nuclear plant.Tepco may have to pay compensation of almost $100bn (£63bn) following radiation leaks at its nuclear plant.
Tepco shares have plunged since the quake and tsunami damaged the facility.Tepco shares have plunged since the quake and tsunami damaged the facility.
Shareholders also criticised management for the way they handled the crisis.Shareholders also criticised management for the way they handled the crisis.
However, the company assured investors that it was confident of finding a solution to the crisis soon.However, the company assured investors that it was confident of finding a solution to the crisis soon.
"We're working to get out of this crisis as quickly as possible," said Tsunehisa Katsumata, chairman of Tepco."We're working to get out of this crisis as quickly as possible," said Tsunehisa Katsumata, chairman of Tepco.
Nuclear concernsNuclear concerns
The biggest debate among shareholders revolved around the future of nuclear energy and what the company's stand on the issue should be.The biggest debate among shareholders revolved around the future of nuclear energy and what the company's stand on the issue should be.
Many were of the opinion that Tepco should abandon nuclear energy.Many were of the opinion that Tepco should abandon nuclear energy.
They said that it did not have a feasible future, not least because of the ongoing Fukushima nuclear crisis.They said that it did not have a feasible future, not least because of the ongoing Fukushima nuclear crisis.
"They're going to have to give up nuclear power in the next few years," said a shareholder from Nagano."They're going to have to give up nuclear power in the next few years," said a shareholder from Nagano.
"Construction of new plants is going to be impossible," he added."Construction of new plants is going to be impossible," he added.
However, analysts said that the current power shortage in Japan was proof that the country needed nuclear energy in order to meet its demand for electricity.However, analysts said that the current power shortage in Japan was proof that the country needed nuclear energy in order to meet its demand for electricity.
"The question is, can Japan do without nuclear power?" said Mitsushige Akino, of Ichiyoshi Investment Management Company."The question is, can Japan do without nuclear power?" said Mitsushige Akino, of Ichiyoshi Investment Management Company.
"How much are the Japanese people willing to sacrifice in terms of standard of living?" he added."How much are the Japanese people willing to sacrifice in terms of standard of living?" he added.
"The sentiment is understandable, but the reality is that this is difficult without considerable sacrifice to economic growth and activity.""The sentiment is understandable, but the reality is that this is difficult without considerable sacrifice to economic growth and activity."
Although there was much support for the motion to abandon nuclear power among the delegates who attended the meeting, the institutional shareholders that own most of the stock were not swayed and the motion was defeated.