Nikkei Asia: Activist Funds Defeated at Kirin and Toshiba Machine

“IFP’s challenge, however, highlighted weaknesses at Kirin, whose expansion has produced mixed results, analysts said. One of the director nominees recommended by IFP, corporate governance expert Nicholas Benes, won 35% of shareholders’ votes despite opposition from Kirin, suggesting some shareholders agreed the board needed more change. “It would seem a large percentage of investors want to see more independence on this board,” Benes told Reuters. Kirin will be under pressure to prioritise investor returns, possibly forcing it to concede to less radical demands ahead, analysts said. “Shareholders other than activists may not support dissidents’ proposals all the way, but they may still agree on the direction, and encourage the company to agree to more moderate demands,” said Fumio Matsumoto, chief strategist at Okasan Securities.”

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