Dalton Investments has submitted three shareholder proposals to Yakult Honsha Co., LTD (“Yakult”) aimed at enhancing the corporate value of the company. The shareholder proposals include: 1) Election of Two Outside Directors; 2) Increase of Restricted Stock Compensation; and 3) Change to the AGM Record Date to May 15th. Dalton believes that these shareholder proposals will strengthen the perspective of minority shareholders at the Board of Directors level and improve governance and capital discipline, enabling Yakult to grow into a truly leading company in the probiotics industry. For our views, key concerns, and details of the proposal, please see here.
Also, Rising Sun Management (RSM), an affiliate of Dalton, has written to Yakult’s management to share its perspectives on key issues. For those letters, please see here and here.