SoftBank unlikely to improve board oversight at Vision Fund

FILE PHOTO: Japan's SoftBank Group Corp Chief Executive Masayoshi Son bows his head after his presentation at a news conference in Tokyo, Japan, Nov. 5, 2018. REUTERS/Kim Kyung-Hoon/File Photo

SoftBank Group Corp has no plans to increase board oversight of its $100 billion Vision Fund, two sources said, disregarding calls from activist investor Elliott Management and signalling governance reforms have stopped short of the fund.

In recent months Chief Executive Masayoshi Son has met other Elliott demands, from launching a 2.5 trillion yen ($23 billion) buyback – vital to propping up SoftBank’s share price – to increasing the number of outside directors including the board’s only woman.

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