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Nishikawa had been at odds with then-Communications Minister Kunio Hatoyama over the proposed sale of Japan Post's Kampo no Yado leisure facilities to Orix Corp. (TSE:8591), a deal that Hatoyama ultimately blocked on the grounds that the price was too low. Hatoyama was forced to resign earlier this month for objecting to Nishikawa's reappointment.
On Monday, Nishikawa met with Sato to explain corrective measures drawn up in response to a business improvement order the ministry issued in April regarding Japan Post's handling of the aborted sale. The business improvement plans outlined by Japan Post will be implemented within a year, with progress reports to be submitted to the ministry every three months.
In addition to having Nishikawa and a handful of other senior executives give up 30 per cent of their pay for three months, Japan Post will set up an advisory body to oversee its governance practices. Additionally, a board chairman will be selected within three months from among its outside directors and will also chair the advisory body itself. This board chairman will effectively be Nishikawa's supervisor.
Before meeting with Nishikawa, Sato held talks with Finance Minister Kaoru Yosano, Chief Cabinet Secretary Takeo Kawamura and Prime Minister Taro Aso to discuss Nishikawa's reappointment. Sato told reporters after meeting with Aso that "the prime minister has given his basic approval."
But before giving the official go-ahead, the government will first assess a report to be submitted Wednesday by Japan Post.
The protracted internal wrangling involving Nishikawa's reappointment was not well-received by the public. After Aso effectively fired Hatoyama, the cabinet's approval rating declined five points from the previous month to 25 per cent. This unnerved many lawmakers in the ruling Liberal Democratic Party, prompting calls to sack Nishikawa.
(Nikkei) rw
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