Latest news with #KeiseiElectricRailway
Associated Press
12 hours ago
- Business
- Associated Press
Both ISS and Glass Lewis Recommend Shareholders Vote AGAINST Keisei President Toshiya Kobayashi, Endorsing Palliser's Call for Governance Reform
LONDON--(BUSINESS WIRE)--Jun 15, 2025-- Palliser Capital ('Palliser'), one of the largest shareholders of Keisei Electric Railway Co., Ltd. (9009 JT) ('Keisei' or the 'Company') with a shareholding over 4.5%, today welcomed the recommendations by ISS and Glass Lewis that shareholders vote AGAINST the re-election of current President Toshiya Kobayashi and other directors at the Company's upcoming Annual General Meeting on June 27, 2025. Both ISS and Glass Lewis echoed serious concerns with Keisei's governance practices in their research reports, citing: ISS concluded that 'Palliser has made a compelling case that a governance overhaul at Keisei is necessary to restore trust in management', while Glass Lewis concluded that withholding support for Toshiya Kobayashi would serve as a 'measured signal to prompt meaningful improvements in Keisei's governance and transparency practices.' James Smith, Founder and Chief Investment Officer of Palliser, commented: 'ISS and Glass Lewis' recommendations validate our concerns and underscore the importance of holding leadership accountable. We urge shareholders to vote against current President Toshiya Kobayashi, outside directors Shotaro Tochigi, Misao Kikuchi, and Takako Amitani, and proposed new inside directors Kunihiko Yoshikawa and Takeshi Hashimoto.' Full details relating to Palliser's ongoing engagement are available About Palliser Capital Palliser Capital is a global multi-strategy fund. Our value-oriented investment philosophy is applied to a broad range of opportunities across the capital structure with a focus on situations where positive change and value enhancement can be achieved through thoughtful, constructive and long-term engagement with companies and across a range of different stakeholder groups. Palliser Capital is one of the largest Keisei shareholders with a stake in excess of 4.5%. View source version on CONTACT: Media Prosek Partners Brian Schaffer / Kiki Tarkhan / Forrest Gitlin [email protected] KEYWORD: UNITED KINGDOM EUROPE INDUSTRY KEYWORD: RAIL PROFESSIONAL SERVICES TRANSPORT FINANCE SOURCE: Palliser Capital Copyright Business Wire 2025. PUB: 06/15/2025 07:00 PM/DISC: 06/15/2025 07:04 PM
Reuters
3 days ago
- Business
- Reuters
ISS recommends against six Keisei Electric Railway candidates in fight with Palliser
NEW YORK, June 13 (Reuters) - U.S. proxy advisory firm Institutional Shareholder Services (ISS) on Friday urged Keisei Electric Railway investors to vote against six management board nominees, including the Japanese company's current chief executive officer. ISS's recommendation, which helps guide asset managers' votes on hot button issues, extends support to UK activist Palliser Capital which has been pushing the railway operator for years to reallocate capital and improve governance to boost its share price. The annual meeting date for Keisei, which runs one of the main lines from Narita airport into the center of Tokyo, is scheduled for June 27. Palliser "has made a compelling case that a governance overhaul at Keisei is necessary to restore trust in management," ISS wrote in a report seen by Reuters. The hedge fund has argued that the number of insiders on the company's board have led to a lack of accountability for its underperformance. Now, Palliser wants to block the election of six people and cut the board's size to nine from 15 members, potentially making the board more agile. It is opposing the re-election of four incumbent nominees, including Keisei's president and chief executive officer Toshiya Kobayashi, and two new insiders. Palliser is not targeting Takao Amano who is scheduled take over as CEO from Kobayashi when he transitions to board chair after this year's annual meeting. Earlier in the week, Glass Lewis, another prominent proxy advisory firm, recommended that investors vote against two directors, including Kobayashi, according to a report seen by Reuters.
