IFP
Independent Franchise Partners, LLP (“Franchise Partners”) welcomes the support of Institutional Shareholder Services (“ISS”) and Glass Lewis (“Glass Lewis”) for some of its shareholder proposals at the upcoming Annual General Meeting (“AGM”) on 27 March 2020 at Kirin Holdings Company, Limited (“Kirin” or “the Company”) (TSE: 2503).
Having independently assessed the proposals made by Franchise Partners, the two leading global proxy advisors, ISS and Glass Lewis, clearly confirm that Kirin’s current strategic path is not convincing. As ISS puts it “after almost 40 years, the link between fermentation, pharma, and beer has not manifested itself in terms of returns or, margins, nor has prevented the company from losing half of its beer market share in Japan.” And as Glass Lewis further notes, “Kirin’s early struggles with portions of its new “health science” segment, taken together with clearly unfavorable trends in shareholder returns and a board seemingly lacking relevant expertise, appear to support the notion that shareholders would indeed benefit from an earnest and independent re-examination of the diversification initiatives underpinning the KV2027 tack.”
Franchise Partners strongly believes that focus and innovation in beer would be a better use of capital, less risky and deliver more attractive long-term returns for shareholders. As such, Franchise Partners urges fellow co-owners to support the advisory share buyback proposal to signal to Kirin’s Board that a much needed independent review of its long-term strategy be undertaken.
The proposed ¥600 billion buyback is drafted as the maximum amount to be bought back, which affords Kirin complete strategic discretion and financial flexibility. Franchise Partners does not expect the Board to enact the buyback proposal in full if it is considered to risk the Company’s financial position. The Kirin Board has the ultimate decision-making responsibility for the timing of any possible disposals of non-core assets and the distribution of the proceeds.
As ISS suggests, “the board’s credibility is key to convincing shareholders that its strategies are the product of healthy internal debate.” To this end, Franchise Partners welcomes ISS and Glass Lewis’s support for Nicholas Benes. The appointment of Kanako Kikuchi, who is supported by Glass Lewis and is viewed by ISS as “a well-qualified candidate who would be additive,” is key given that she would be the only director with direct prescription pharmaceutical experience. This is particularly important considering Kirin’s current motivation to diversify into the healthcare space.
Kirin has exhausted all available Board seats with its four new proposed directors who “largely have pre-existing ties to the company” according to ISS. ISS further adds that the “seemingly premature support (implicit or explicit) for the company’s stated strategy” by these directors demonstrates the need for independent oversight at Kirin. In order to create vacant seats on the Board for Kanako Kikuchi and Nicholas Benes, Franchise Partners encourages shareholders to vote FOR them and AGAINST three of Kirin’s candidates identified by Glass Lewis or ISS: Toshiya Miyoshi (proposal 2.3), Hiroyuki Yanagi (proposal 2.8), and Noriko Shiono (proposal 2.10).
Finally, Franchise Partners welcome ISS’s support for its proposal to increase the portion of performance-based equity compensation within the total pay package as well as improve Kirin’s disclosure of performance targets.
There are clear paths available to create a more valuable and sustainable Kirin, as detailed on Franchise Partners dedicated website . Franchise Partners encourages fellow shareholders to support all of its shareholder proposals to strengthen Kirin’s board via the appointment of independent and qualified board candidates Nicholas Benes (item 9.1) and Kanako Kikuchi (item 9.2), better align management compensation with shareholder value creation (items 7 and 8), and unlock value via the advisory share buyback proposal (item 6).
***
View source version on businesswire.com: https://www.businesswire.com/news/home/20200316005172/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Kioxia Develops Core Technology that Will Allow the Practical Implementation of High-density, Low-power 3D DRAM12.12.2025 06:24:00 CET | Press release
Showcase the technology of highly stackable oxide-semiconductor channel transistors Kioxia Corporation, a world leader in memory solutions, today announced the development of highly stackable oxide-semiconductor channel transistors that will enable the practical implementation of high-density, low-power 3D DRAM. This technology was presented at the IEEE International Electron Devices Meeting (IEDM) held in San Francisco, USA, on December 10, and has the potential to reduce power consumption across a wide range of applications, including AI servers and IoT components. In the era of AI, there is growing demand for DRAM with larger capacity and lower power consumption that can process large amounts of data. Traditional DRAM technology is reaching the physical limits of memory cell size scaling, prompting research into the 3D stacking of memory cells to provide additional capacity. The use of single-crystal silicon as the channel material for transistors in stacked memory cells, as is the
Andersen Global styrker sine juridiske kapaciteter med tilføjelsen af brasiliansk medlemsfirma11.12.2025 18:49:00 CET | Pressemeddelelse
Andersen Global udbygger sin juridiske platform i Brasilien, da Lotti e Araújo bliver et medlemsfirma, hvilket styrker organisationens kapacitet i Latinamerika. Lotti e Araújo blev stiftet for over 20 år siden og tilbyder omfattende juridisk rådgivning til brasilianske og multinationale klienter inden for en lang række brancher. Dets tværfaglige praksis omfatter selskabsret, skatteret, arbejdsret, retssager, inkasso og inddrivelse af gæld – samt specialiseret arbejde med at identificere skjulte aktiver og inddrive anke- og retsindskud i ældre sager. Firmaet håndterer også voldgift, forvaltningsret, udenlandske investeringer, fast ejendom, intellektuel ejendomsret, databeskyttelse og virksomhedsomstrukturering og tilbyder juridisk assistance inden for selskabsdannelse og repræsentation over for tilsynsmyndigheder. Teamet rådgiver klienter om forebyggende juridiske strategier og komplekse tvister for administrative organer og domstole i Brasilien. "Hos Lotti e Araújo bygger vores praksis
BEYOND Developments Reveals a New Vision for Purposeful Living on Dubai Islands with SIORA11.12.2025 18:02:00 CET | Press release
A 2M sqft masterplan inspired by Japanese garden principles, crafted around balance, clarity, and the quiet rhythm of coastal life BEYOND Developments, the bold and design-led real estate developer shaping next-generation waterfront destinations in the UAE, today unveiled SIORA, its first beachfront masterplan on Dubai Islands and the company’s second large-scale community within a year. The launch underscores BEYOND’s accelerated growth and strong alignment with Dubai’s future urban vision. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251211014389/en/ BEYOND Developments - SIORA Masterplan at sunset - Dubai Islands (Photo: AETOSWire) Spanning over 2M square feet, SIORA is conceived as a coastal sanctuary inspired by Japanese garden philosophies, including the pursuit of Ikigai, the Japanese concept of finding purpose and fulfilment in everyday life. In this context, it reflects a philosophy of creating spaces that bring c
3Degrees Welcomes David Dines to Board of Directors11.12.2025 17:00:00 CET | Press release
3Degrees, a global leader in renewable energy and climate solutions, is pleased to announce the appointment of David Dines to its Board of Directors, effective December 8, 2025. Dines brings more than four decades of leadership experience across global energy, commodities, financial services, transportation, and industrial markets. He served on the executive team as Chief Financial Officer and Corporate Senior Vice President at Cargill, Inc., the largest privately held company in the United States, where he oversaw enterprise-wide financial strategy, capital deployment, and financial performance. During his 29-year career at Cargill, Dines led multiple global businesses, played key roles in major technology and process transformations, and was a member of Cargill’s Commodity Risk, Financial Risk, and Process, Data, and Technology Committees. “We are thrilled to welcome David to the 3Degrees board,” said Philippe Vedrenne, CEO, 3Degrees. “He has an exceptional command of financial stewa
ITC Infotech wins PTC Partner Network Award for FY25 in the PLM Category11.12.2025 15:40:00 CET | Press release
ITC Infotech’s DxP Services earns recognition for its strong PLM expertise, unwavering commitment to delivering customer value, and strategic collaboration with PTC to drive innovation through SaaS-led offerings and accelerate digital transformation for customers. ITC Infotech, a leading global technology services and solutions provider, has been awarded the PTC Partner Network Award for FY25 in the Product Lifecycle Management (PLM) category. This prestigious recognition, awarded to a single partner globally, celebrates excellence in deploying Enterprise PLM software, enabling global and cross-functional teams to effectively manage product data and providing a trusted system for product information. The award underscores ITC Infotech’s leadership in PLM-led digital transformation, as well as its strategic alignment with PTC’s Intelligent Product Lifecycle vision, which helps customers build a structured product data foundation that serves as the backbone for AI-driven transformation.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom