June 6, 2025
In the notice for the 84th regular shareholders’ meeting published on May 30, 2025, the board of directors of Fuji Media Holdings (FMH) formally stated its opposition to all 12 of our proposed independent outside director candidates. We are releasing our counterarguments to the FMH board reasons for opposition in the attached presentation. Read the packet here.
Summary of Counterarguments to FMH’s Reasons for Opposition
We believe that the selection process that FMH claims to have “sincerely considered” was rather a formal selection process predetermined to reject candidates. The discussions and exchanges of questionnaires appear to have been merely a ceremonial procedure meant to lend formal justification to the predetermined reasons for opposition, rather than a substantial evaluation. This attitude cannot be deemed a “genuinely sincere consideration”, and from the perspective of corporate governance it raises significant concerns regarding the board’s responsibilities and conduct.