IFP
16.3.2020 08:02:10 CET | Business Wire | Press release
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
Klarna Card reaches 5 million active customers19.3.2026 15:31:00 CET | Press release
Klarna, the global digital bank and payments provider, today announced that the Klarna Card has reached 5 million active customers globally, underscoring rapid adoption as consumers shift towards new forms of payment which provide more control over day-to-day money management. The card draws from the customer's own funds for everyday spending, with the option to spread the cost of a specific purchase, like a large appliance or a flight, when it makes sense to do so. The result is a card that offers genuine spending control without the long-term debt obligations that come with traditional credit cards. The card’s growth is reinforced by Klarna’s membership program. The program offers premium perks such as airport lounge access, travel insurance, and lifestyle subscriptions — without requiring users to take on debt, meet spending thresholds, or revolve balances. By separating everyday spending from rewards, Klarna is challenging the strings-attached model legacy banks have long relied on
Stonebranch Releases 2026 Global State of IT Automation Report, Revealing Orchestration as the Missing Link for AI Adoption and Trust19.3.2026 14:30:00 CET | Press release
New research shows hybrid IT orchestration, automation-as-a-service, and WLA investments are accelerating as AI workflow deployment scales across the enterprise. Stonebranch, a leading provider of service orchestration and automation solutions, today released its annual 2026 Global State of IT Automation Report, the company’s most comprehensive research study to date. Based on responses from 402 IT automation professionals spanning C-suite executives to individual contributors across North America, EMEA, Latin America, and APAC, the report provides a detailed, data-driven portrait of how enterprises are investing in, deploying, and deriving value from IT automation in 2026. “This year’s findings highlight an important shift in how organizations approach automation,” said Giuseppe Damiani, CEO of Stonebranch. “Organizations are now building automation as strategic infrastructure — a governed, scalable foundation that spans hybrid environments, operationalizes AI, and delivers automation
Perma-Pipe Accelerates Growth with New U.S. Northeast Facility Investment to serve Artificial Intelligence Data Center customers, Provides Middle East Operations’ Update and Concludes the Board’s Review of Strategic Alternatives19.3.2026 14:00:00 CET | Press release
Perma-Pipe International Holdings, Inc. (the “Company”) today announced a strategic expansion initiative focused on accelerating growth through entry into the high-demand U.S. Northeast region. The Company is positioning itself to capitalize on the rapidly expanding Artificial Intelligence (“AI”)-driven data center market in both the United States and international markets while continuing to reinforce its leadership in critical infrastructure solutions. As part of this growth strategy, Perma-Pipe will prioritize investments aimed at expanding its presence in the rapidly evolving AI data center sector. The initiative reflects the Company’s long-term commitment to supporting next-generation technology infrastructure and strengthening its position in the global energy, industrial, and infrastructure markets. Expansion in the U.S. Northeast President & Chief Executive Officer, Saleh Sagr said, “We are excited to announce the expansion of our operations with a new facility in the Northeast
Armis Launches First-of-Its-Kind Benchmark Report Warning of Critical Security Gaps in AI-Native Development19.3.2026 13:00:00 CET | Press release
Research reveals 100% of leading generative AI models fail to generate secure code for critical development scenarios Armis, the cyber exposure management & security company, is warning that the rapid enterprise adoption of AI-native development is outpacing critical security safeguards, leaving organizations exposed to systemic vulnerabilities. New research from Armis Labs’ Trusted Vibing Benchmark Report, which evaluates 18 leading generative AI models across 31 test scenarios, reveals a 100% failure rate in generating secure code. These vulnerabilities are most prevalent in high-risk areas like memory buffer overflows, design file uploads and authentication systems. Therefore, organizations should immediately implement AI-native application security controls to reduce risk. “The era of vibe coding is here, but speed should not come at the cost of security,” said Nadir Izrael, CTO and Co-Founder of Armis. “Our research finds that the worst offenders are the same ones selling security
Morocco’s FRMF Welcomes CAF Appeal Board as Upholding Rules, Stability of International Competitions19.3.2026 12:53:00 CET | Press release
Following the announcement by the CAF Appeal Board, the Royal Moroccan Football Federation (FRMF) welcomes the decision, which reaffirms the primacy of competition regulations and reinforces the conditions necessary for the proper conduct of international tournaments. From the outset, following the incidents that led to the interruption of the match, the FRMF maintained a clear and consistent position: the strict application of the governing regulations. The Federation’s approach was solely guided by this principle. Following its appeal, CAF has now confirmed that the applicable regulations were not properly enforced. Throughout the process, the FRMF acted in full compliance with all relevant legal and procedural frameworks, with a constant focus on upholding its rights and preserving the integrity of the competition. This decision provides clarity on the applicable framework and strengthens the consistency and credibility of international competitions, particularly within African foot
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