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REGULATION | Cesar Tordesillas, Japan
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Heads will roll at Tepco

The Japanese government will seek the resignation of Tepco's board of directors in return for injecting $13 billion of public funds.

 

The demand will be communicated at a shareholder meeting in June.

The government decided that to clarify the responsibility over the firm's management, all 17 directors would have to go. It also plans to halve the number of directors on the new board.

Tepco, which serves some 45 million people, has said it wants to keep its autonomy as a private utility. But Trade Minister Yukio Edano, who holds the energy portfolio, has demanded the bailout body should have a controlling stake.

Tepco said this month it expected to post a group net loss of 695 billion yen in the year to March 31.

Media reports have said a business plan to rebuild the company will call for the utility to swing into profit in fiscal 2014.

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