Showa Holdings Co., Ltd., a Tokyo Stock Exchange Standard Market company (code 5103), still has no representative director more than a week after its June 29, 2026 annual shareholders meeting. Three directors who sit on its Audit and Supervisory Committee have boycotted every board meeting called since, and the company says it cannot reach them at all.
The same disclosure to the Tokyo Stock Exchange contains a second problem: Showa Holdings says it does not know where its own corporate seal, accounting books or bank passbooks are, because a former subsidiary that used to handle its paperwork was told to stop.
Two meetings, no quorum
Immediately after the June 29 shareholders meeting, the newly elected board tried to convene to appoint a representative director. The meeting failed because the three audit-committee directors did not show up, leaving the board short of quorum. The company then issued a formal notice to every director for a second attempt on June 30, with appointing a representative director as the sole agenda item. Only two directors, Nicholas James Gronow and Atsushi Hosono, attended. The same three audit-committee directors stayed away again, and the meeting did not form a quorum. Showa Holdings says the three directors have not contacted Hosono, who called the meeting, and remain unreachable.
| Date | Event | Outcome |
|---|---|---|
| June 29, 2026 (AGM) | Annual shareholders meeting elects a new board | New directors seated, but no representative director elected yet |
| June 29, 2026 (post-AGM board) | Board attempts to meet after the shareholders meeting to appoint a representative director | No quorum: three audit-committee directors absent |
| June 30, 2026 | Formal board meeting called by notice to all directors, sole agenda item: appointing a representative director | Only Nicholas James Gronow and Atsushi Hosono attended; still no quorum, meeting did not form |
Where the paperwork went
Hosono went to the company's registered head office, at 348 Toyofuta in Kashiwa, Chiba Prefecture, to find out what was happening on the ground. He found only a signboard reading Showa Holdings at the address. Employees of Showa Rubber Co., Ltd., which used to manage Showa Holdings' stock exchange disclosures and shareholder registry, told him that former representative director Tatsuya Konoshita had instructed them to stop doing any administrative work for Showa Holdings once Showa Rubber stopped being its subsidiary. No handover of the corporate seal, accounting books or bank passbooks ever took place. Showa Holdings says it possesses none of these items or the data connected to them, and does not know where they are stored.
What the company says comes next
With no indication the three audit-committee directors will cooperate, Showa Holdings says it is considering legal action, though it has not said against whom or under which statute. Its plan for recovering the missing seal, books and passbooks is, in the company's own words, still under review. Until a board meeting reaches quorum and appoints a representative director, Showa Holdings has nobody legally authorized to sign on the company's behalf, an unresolved gap for a firm that remains listed and trading.