Engagement in Japan

Based on Ezaki Glico’s disclosed voting results and approval ratios from the Annual General Meeting of Shareholders, we are issuing our views on the outcomes of this AGM, including the shareholder proposals submitted by Dalton Investments…

Proxy advisory firm Institutional Shareholder Services (ISS) has recommended voting in favor of several shareholder proposals submitted by Dalton Investments to Ezaki Glico Co., Ltd., including proposals regarding the election of directors, the acquisition of…

Dalton Investments was recently featured in the Harvard Law School’s Forum on Corporate Governance as part of The 2025 Activist Watchlist, which highlights Diligent Market Intelligence’s ranking of the most prolific activists. Dalton ranked #7, reinforcing its position as one…

December 2025 – Dalton Investments intends to submit proposals to its Japanes portfolio companies, beginning with this June’s AGM season, to amend their Articles of Incorporation to change the record date for the Annual General Meeting of Shareholders…

On February 13, 2026 Ezaki Glico announced a JPY 25 billion share buyback (7.23% of its outstanding shares) and indicated that all repurchased shares will be cancelled. While this is a positive step, it falls short of the 10% buyback proposed by Dalton; therefore our shareholder proposal remains in place…

Fuji Media Holdings (“FMH”) announced on February 3, 2026 that it will proceed with the restructuring of its real estate business to focus on its core business, the media and content business. We believe this is a courageous and highly strategic decision that reflects a clear commitment to creating long-term value for shareholders and…

In an interview with Nikkei, Dalton Investments’ Chief Investment Officer (CIO) James B. Rosenwald III said the firm plans to submit shareholder proposals at Fuji Media Holdings’ upcoming AGM, calling for a 10% share buyback, the spin-off of the company’s real estate business, and the appointment of four…

Rising Sun Management (RSM), an affiliate of Dalton, have written to Ezaki Glico (Company) declaring its intention to submit shareholder proposals at the upcoming Annual General Meeting of Shareholders. RSM has also shared its rationale for making the proposals which aim…

Carlyle Group has launched a takeover bid for Hogy Medical, a Japanese surgical kit manufacturer, offering ¥6,700 per share in a deal that values the company at about $951 million. Dalton, along with related entities,  is Hogy Medical’s largest shareholder, with James B. Rosenwald III . . .

December 2025 – Dalton Investments issued the letter below publicly to the management and directors of its portfolio companies. Driven by the capital market reforms led by the government and the Tokyo Stock Exchange, Japan’s capital markets are entering a new golden era. Dalton emphasizes that this period, although challenging for . . .