{"id":2862,"date":"2018-04-25T13:24:04","date_gmt":"2018-04-25T20:24:04","guid":{"rendered":"https:\/\/dev.darsky.com\/dalton\/?p=2862"},"modified":"2025-04-30T13:16:22","modified_gmt":"2025-04-30T20:16:22","slug":"bloomberg-reports-daltons-minority-shareholder-proposal-shinsei-bank","status":"publish","type":"post","link":"https:\/\/dev.darsky.com\/dalton\/bloomberg-reports-daltons-minority-shareholder-proposal-shinsei-bank\/","title":{"rendered":"Bloomberg Reports on Dalton&#8217;s Minority Shareholder Proposal to Shinsei Bank"},"content":{"rendered":"<p><strong>April 25, 2018<\/strong><\/p>\n<p>Bloomberg reported (<a href=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2018\/04\/C85869_finaleprint.pdf\">article here<\/a>) that on April 18, 2018 (Tokyo time), Dalton Investments delivered a minority shareholder proposal to the Board of Directors of Shinsei Bank, Limited (the \u201c<u>Bank<\/u>\u201d), a company held in the accounts of various Dalton clients. \u00a0Further to Dalton\u2019s core investment principles of \u201calignment of interest,\u201d the proposal requests the creation of a restricted stock compensation system for bank directors, and requests approval at the Bank\u2019s annual general meeting of shareholders, set for June 2018. The proposal is the culmination of dialogue with the Bank going back to the letter Dalton delivered to the Bank on March 23, 2017, available <a href=\"https:\/\/dev.darsky.com\/dalton\/bloomberg-reports-dalton-investments-delivery-corporate-engagement-letter-shinsei-bank\/\">here<\/a>.\u00a0 This effort continues Dalton\u2019s commitment to corporate engagement in Japan, starting with the management buyout of Sun Telephone in 2006, and continuing through Dalton\u2019s acceptance of the\u00a0<a href=\"https:\/\/dev.darsky.com\/dalton\/dalton-accepts-japan-stewardship-code\/\">Japan Stewardship Code<\/a>\u00a0\u00a0in 2016, and a Dalton team member joining the board of directors of\u00a0<a href=\"https:\/\/dev.darsky.com\/dalton\/prestige-international-of-japan-nominates-dalton-kk-ceo-as-independent-director\/\">Prestige International<\/a>\u00a0also in 2016.<\/p>\n<p>\u201cConstructive corporate engagement continues to be an important way for Dalton to add alpha for our clients invested in Japan and the rest of the world,\u201d portfolio manager James Rosenwald III said of the proposal. \u201cWe believe that a strong alignment of interest between Board Members, Senior Management and Shareholders will improve long-term outcomes. Dalton\u2019s goal is to increase the Bank\u2019s shareholder value which will benefit all shareholders but, most importantly, will allow the government\u2019s stake in Shinsei to appreciate. This will, in time, allow the government and Japanese taxpayers to profit from the Bank\u2019s improved performance. Therefore, we encourage Shinsei Bank shareholders to support the distribution of restricted shares, instead of cash compensation, in order to improve the alignment of interests among all parties.\u201d<\/p>\n<p>Following receipt of Dalton\u2019s proposal, the Bank introduced its own proposal on April 23, 2018 to create a restricted stock compensation plan.\u00a0 That proposal is located <a href=\"http:\/\/www.shinseibank.com\/corporate\/en\/news\/pdf\/pdf2018\/180423_stock_compensation_e.pdf\">here<\/a> on the Bank website.\u00a0 However, the Bank\u2019s proposal is for a far more modest award of restricted stock to bank directors \u2013 specifically, 10% of Dalton\u2019s proposed amount; therefore, Dalton is continuing to pursue its own proposal, as confirmed in Dalton\u2019s response letter to the Bank dated April 24, 2018, attached to the proposals below.<\/p>\n<p>For the official Japanese language version the proposal, please see <a href=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2018\/04\/Proposal-Follow-Up-Japanese.pdf\">here<\/a>.\u00a0 For the English version, please see <a href=\"https:\/\/dev.darsky.com\/dalton\/wp-content\/uploads\/2018\/04\/Proposal-Follow-Up-English.pdf\">here<\/a>.<\/p>\n<p>Dalton Investments LLC is a value-focused investment management firm with expertise in Asia equities, global equities and fixed income. Headquartered in Los Angeles, with a subsidiary office in Tokyo, Dalton manages $3.8 billion (December 31, 2017) in actively managed long-only and long\/short strategies for pensions, endowments, foundations, financial institutions and family offices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>April 25, 2018 Bloomberg reported (article here) that on April 18, 2018 (Tokyo time), Dalton Investments delivered a minority shareholder proposal to the Board of Directors of Shinsei Bank, Limited (the \u201cBank\u201d), a company held in the accounts of various \u2026<br \/><a class=\"read-more\" href=\"https:\/\/dev.darsky.com\/dalton\/bloomberg-reports-daltons-minority-shareholder-proposal-shinsei-bank\/\">read more &gt;<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[27,16],"tags":[],"class_list":["post-2862","post","type-post","status-publish","format-standard","hentry","category-dalton-actions","category-dalton-in-the-news","wpautop"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - 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