In today’s briefing:
- Unreasonable Company Opposition, but No Change in Outlook for Shareholder Proposals to Be Rejected
Unreasonable Company Opposition, but No Change in Outlook for Shareholder Proposals to Be Rejected
- Zojirushi’s low profitability and numerical targets are at the root of the problem with this shareholder proposal, which required disclosure of cost of capital to verify reasonableness of the targets.
- To ensure transparency of BOD, it would have required individual disclosure of director compensation, divestment of policy shareholdings, and elimination of takeover defenses, which are issues of corporate governance practices.
- When % foreign shareholders reaches 30% level, companies tend to eliminate takeover defense. Since Zojirushi’s % foreign shareholders is 20%, the shareholder proposal will be very likely to be rejected.
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