This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-13938774

The article has changed 4 times. There is an RSS feed of changes available.

Version 2 Version 3
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 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.
One motion called for the company to abandon nuclear energy in the wake of the Fukushima Daiichi nuclear crisis, although this was defeated.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 85% since the tsunami damaged the Fukushima plant.
Shareholders also criticised management for the way they handled the crisis. The disaster caused a meltdown at three of the six reactors, and more than three months on radioactive material continues to leak from the facility.
However, the company assured investors that it was confident of finding a solution to the crisis soon. Shareholders have criticised Tepco's management for their slow response to the crisis, accusing them of putting out inaccurate data and displaying a lack of transparency.
"We're working to get out of this crisis as quickly as possible," said Tsunehisa Katsumata, chairman of Tepco. Some 80,000 residents living close to the plant have been forced to abandon their properties.
Nuclear concerns Executives at the meeting in Tokyo issued an apology amid angry shouts and heckling by shareholders.
One shareholder said the senior executives should commit suicide by jumping into the damaged reactors.
"All of us directors apologise deeply for the troubles and fears that the accident has caused. We're working to resolve this crisis as quickly as possible," said Tepco chairman Tsunehisa Katsumata.
Tepco has said it hoped to achieve a cold shutdown of the plant by January next year.
Earthquake risk
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. Opponents failed to win enough support for a motion that would have forced Tepco to scrap all reactors and halt any construction of new ones.
They said that it did not have a feasible future, not least because of the ongoing Fukushima nuclear crisis. They said nuclear power 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. "Japan has a lot of earthquakes and after this accident I just don't think there is such a thing as safe nuclear power here," said one shareholder, Takako Kameoka.
"Construction of new plants is going to be impossible," he added. Japan relies on nuclear power for 30% of its electricity needs.
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. Although thousands of those present at the six-hour meeting supported the motion, the institutional shareholders that own most of the stock were not swayed, and the motion was defeated.
Analysts said that the current power shortage in Japan was proof that the country needed nuclear power in order to meet its energy demands.
"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? 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." To see the enhanced content on this page, you need to have JavaScript enabled and href="http://www.adobe.com/products/flashplayer/">Adobe Flash installed.
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.