Executives of scandal-tainted companies bow in remorse at shareholder meetings

Executives of scandal-tainted companies bowed deeply in remorse at shareholder meetings on Thursday as stockholders who are aggressively expanding their stakes in companies are gradually making their presence felt.

Nova Corp., the scandal-hit operator of the nation’s largest English-language school network, held its shareholder meeting in Osaka. The company was in the red in the business year ending in March for the second consecutive year.

The Economy, Trade and Industry Ministry has suspended some of Nova’s business operations for its illegal business practices such as illegal contract cancellation procedures.