Hoya Founder’s Grandson Seeks Board Transparency, Diversity

Hoya Corp. needs a more diverse, transparent board to help prevent “failures” such as the $1 billion purchase of Pentax Corp., said Yutaka Yamanaka, a grandson of the Japanese lens maker’s founder.

Yamanaka, 33, on May 11 submitted a 15-point shareholder proposal which includes calls for disclosure of individual directors’ pay and limits on concurrent board membership. Hoya’s 2007 acquisition of camera and endoscope maker Pentax to expand its medical care business was“overpriced,” he said.