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 treasury shares, and the expansion of restricted stock compensation. In addition, Glass Lewis has recommended voting in favor of the election of certain directors, the acquisition of treasury shares, and an amendment to the Articles of Incorporation in response to requests from the Tokyo Stock Exchange.
ISS has recommended voting in favor of Dalton Investments’ shareholder proposals submitted to Ezaki Glico Co., Ltd., specifically Proposal No. 5 for the election of two directors, Proposal No. 6 for the acquisition of treasury shares, and Proposal No. 7 for the expansion of restricted stock compensation.
In addition, proxy advisory firm Glass Lewis has recommended voting in favor of one of the two directors proposed under Proposal No. 5, Proposal No. 6 for the acquisition of treasury shares, and Proposal No. 8 for an amendment to the Articles of Incorporation in response to requests from the Tokyo Stock Exchange.
We welcome the fact that ISS and Glass Lewis, taking into account the structural issues related to the composition of Ezaki Glico’s board of directors and its capital efficiency, have recommended voting in favor of the appointment of an outside director with expertise in finance and the acquisition of treasury shares. We respectfully ask shareholders, under shareholder democracy, to exercise their voting rights with a view toward enhancing the corporate value of Ezaki Glico.
For Ezaki Glico’s views regarding the ISS recommendation report, please see here. (In Japanese)
For the explanatory materials regarding Dalton Investments’ shareholder proposals to Ezaki Glico, please see here.