A major shareholder of Japan’s Fuji Media Holdings says it will launch a proxy fight so that its candidates for the firm’s board will gain approval at the upcoming general shareholders’ meeting.
Fuji Media Holdings is the parent company of Fuji Television Network. They have been under fire for their handling of a sexual misconduct scandal.
The shareholder, Dalton Investments, has proposed 12 candidates for the board, including Kitao Yoshitaka, the head of Japanese financial services firm SBI Holdings.
Fuji Media, which opposes the proposal, has picked 11 candidates of its own, including Sawada Takashi, former president of the FamilyMart convenience store chain.
The two sides are expected to present their plans at Fuji Media’s general shareholders’ meeting on June 25.
Dalton Investments’ Chief Investment Officer Jamie Rosenwald told NHK on Friday that the fund will start a proxy fight to rally support from other shareholders.
The two sides held direct talks on Wednesday but failed to resolve their differences.
