Dissident Investors unsuccessful in Japan

June 27th, 2008
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Both J-Power and Nipponkoa Insurance Co successfully rebuffed foreign shareholder activists at their annual meetings. Investors at J-Power rejected the proposals by The Children's Investment Fund (TCI). These proposals included increases in dividends, changes in top management, and rejection of the company president's re-election. TCI claimed that it lost the vote due to cross-shareholders in the company. Cross-shareholding refers to the practice of business partners buying stakes in each other. TCI had previously put forth a motion to cap cross-shareholding investments. At Nipponkoa Insurance Co, chairman Makoto Hyodo was re-elected to his position despite opposition from Southeastern Asset Management, the company's largest shareholder. The two results seem to reflect a Japanese trend of adopting antitakeover defenses such as cross-shareholding.
For Detailed Investor Profiles on these Investors, click below:
The Children's Investment Fund Mgmt
Related People: Chris Hohn
Related Entities: Children's Investment Master Fund; Childrens Investment Fund LP; Childrens Investment Fund Management (UK) LLP; TCI; The Children's Investment Fund; The Children's Investment Fund Foundation

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