Japanese government to seek TEPCO board resignation

Tokyo, February 27, 2012 — The Japanese government will request the resignation of Tokyo Electric's board of directors at a shareholder meeting in June in return for investing $13 billion of public funds, according to reports.

The government decided that all 17 directors would have to go, according to reports, adding that it also plans to halve the number of directors on the new board.

The government and TEPCO, the operator of the tsunami-struck Fukushima nuclear plant, have fought over how much say the government will have in the utility's management in exchange for the bailout.

TEPCO, which serves some 45 million people, has said it wants to keep its autonomy as a private utility. The bailout plan, according to reports, could restore the company to profitability and perhaps even autonomy by 2014.

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