Air Water's extraordinary shareholders meeting on 22 September 2026 passed all six items on its agenda: an amendment to the articles of incorporation, the election of nine directors to the main board, the election of six directors to a new audit and supervisory committee, and three related pay resolutions. The same day, shareholder approval let the company complete its switch to an audit-and-supervisory-committee board structure, and the board separately selected an independent outside director as chair, tying the reorganization to an earlier improper accounting matter.
Where the dissent concentrated
Across most of the slate, opposition stayed in the low single digits. The six incoming audit-committee directors were approved at rates from 96.26% to 97.77%, and three pay-related resolutions cleared at 97.26% to 97.68%. Two nominees for the ordinary board broke that pattern. The company's representative director and president was approved with just 86.45% support, receiving 196,059 votes against alongside 1,487,251 in favor and 975 abstentions. A second director nominee on the same slate was approved at 86.42% support, with 197,515 votes against and 1,486,774 in favor. Every other candidate on that nine-person slate cleared at least 96.27%.
| Proposal | Result | Approval rate |
|---|---|---|
| Articles of incorporation amendment | Approved | 96.97% |
| Nine main-board director nominees | All elected | 86.42% to 97.56% |
| Six audit-committee director nominees | All elected | 96.26% to 97.77% |
| Director compensation amount | Approved | 97.68% |
| Restricted stock compensation for directors (excluding audit-committee and outside directors) | Approved | 97.26% |
| Audit-committee director compensation amount | Approved | 97.65% |
The structural change behind the vote
Air Water's disclosure said the meeting's approval let it become a company with an audit and supervisory committee, effective the same day, and that its board separately named an independent outside director, elected as one of the nine ordinary board directors, as board chair. The company's statement frames the reorganization as a response to an "improper accounting matter," and names strengthening internal management systems and corporate governance, not the accounting matter itself, as its top management priority, alongside efforts to rebuild its corporate culture and internal controls. Under the new structure, five of the nine ordinary board directors and four of the six audit-committee directors are outside appointees, and audit-committee directors hold voting rights on the board.
What the disclosures do not resolve
The company names the trigger only as an "improper accounting matter," without describing its scope, and gives no reason for the lower support the president and the other nominee received. The extraordinary report also notes that votes from meeting-day attendees whose positions could not be confirmed were excluded from every tally, because the outcome was already assured without them.