Actually, looks like those mergers might of been cash only. What i can find still seems to list Sony as owning 8.25% of Square.
20.48% however is owned by Yasuhiro Fukushima
With another 8.45% owned by Fukushima limited.
As well as two trust funds, also I believe set up by Fukushima.
The other thing of note really is... stockholders don't really have say on what the CEO does, they can pick the CEO but that's it.
Sony's 8.25% isn't enough to threaten Wada's standing and Sony is unlikely to be able to get any backing since it has very obvious motives in why it would want to steer final fantasy games that way.
The only other thing they could do is threaten to dump Squares stock, which may actually be illegal and in general would be ill advised since it would probably just cost them money.
Sony really has no leg to stand on. Hence why companies like this have to aquire other companies. Like when Microsoft bought a majority of rare. Without a majority the non-partisian shareholders... just won't be partisan.
