Metaplanet directors push back against shareholder fury over a controversial executive payout plan
Source: CoinDesk ·
From the source
Independent directors cite management’s financial risk and restructuring role, but leave questions about Gerovich’s exercised shares and MMXX Ventures unanswered. Metaplanet’s (3350) independent directors defended its 10th series of stock acquisition rights, the executive equity scheme that drew shareholder protests over dilution. In a Sept. 29 letter, the directors said management purchased the rights at fair value using personal funds when the company, then a struggling hotel operator, faced a financial crisis, with no guarantee its transformation would succeed. None of the current independent directors were on the board when the rights were issued. They argued the rights should be viewed as a restructuring investment and long-term incentive. Comparisons with peers should account for founder ownership alongside executive compensation, they said, adding that management’s cash pay remained restrained. The original scheme was designed to keep management’s stake at 20% as new shares…
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