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The
letter by Tamotsu Iba, a former Sony CFO and vice chairman, was
sent to Sony executives the same day that Japan's corporate
governance code took effect with the aim of improving
shareholder accountability in a country where companies have
been criticised for not looking after investors' interests.
Reuters obtained a copy of the letter from a source. A Sony
spokesman declined to comment about the contents of the letter,
the third that Iba has sent to Sony's management since the
beginning of the year.
In Monday's letter, Iba criticised Hirai's plans to give Sony
units more independence in decision-making and said the company
should consider issuing class shares - similar to plans by
Toyota Motor Corp - to secure long-term funds.
He also lamented the lack of innovation which he said dimmed the
once iconic brand's appeal.
Sony is due to hold is annual shareholder meeting on June 23.
While Iba owns only a small stake, according to people with
knowledge of the matter, he is part of a so-called "old boys"
network of influential former executives who played a role in
pushing out Hirai's predecessor, Howard Stringer.
Investors, however, have said Iba's criticism of Hirai and his
management team is unlikely to gain much traction because Sony
stocks have more than doubled over the past year amid the
restructuring drive.
(Reporting by Reiji Murai; Writing by Ritsuko Ando; Editing by
Miral Fahmy)
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