{"id":3140,"date":"2019-05-17T09:35:34","date_gmt":"2019-05-17T16:35:34","guid":{"rendered":"https:\/\/dev.darsky.com\/dalton\/?p=3140"},"modified":"2025-04-30T13:14:26","modified_gmt":"2025-04-30T20:14:26","slug":"dalton-investments-submits-shareholder-proposal-to-elect-director-to-shinsei-bank-board","status":"publish","type":"post","link":"https:\/\/dev.darsky.com\/dalton\/dalton-investments-submits-shareholder-proposal-to-elect-director-to-shinsei-bank-board\/","title":{"rendered":"Dalton Seeks Seat at Shinsei"},"content":{"rendered":"\n<p>Dalton Investments has\nproposed the election of its founder James Rosenwald to the board of Japanese\ncompany Shinsei Bank, stepping up its campaign at the troubled Japanese bank.\nRosenwald, whose Dalton owns 6% in Shinsei, said in a <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.businesswire.com_news_home_20190515006100_en_Dalton-2DInvestments-2DSubmits-2DShareholder-2DProposal-2DElect-2DDirector&amp;d=DwMFAg&amp;c=dpn1WjMMQGUYKOlM1k1w3OIaMfTHNTwPoUrrILOsxvs&amp;r=Vl6v77ojLPM41sLk5j9H51HMqAMqRkPzmgDsEb6AsqI&amp;m=W0CDNP0kV2kLcpy66Y9trm2LbcEer1BPVST1IdTRelE&amp;s=Lq6hWtMWyLphNBiwkXebosVRlyRTAUfUH2W7ZgZhppg&amp;e=\">public release [businesswire.com]<\/a> the bank needs\n&#8220;to strengthen its commitment to building value for all shareholders,\nespecially the taxpayers of Japan, who saved the bank.&#8221;<br>\n<br>\nShinsei is the only bank in Japan that has not repaid the government for the\nbanking crisis bailout. Japan wants to receive 350 billion yen ($3.1 billion)\nwhen it sells its 18% stake in Shinsei.<br>\n<br>\n&#8220;If elected to the board, I intend to work every day to enhance the value\nof the shares,&#8221; Rosenwald said. <br>\n<br>\nIn March, Dalton sent a letter to Shinsei and asked for a massive share\nbuyback, saying its proposal would help boost the stock price to 7,450 yen, a\nlevel that would allow it to repay the government. Shinsei stock was down 3% at\nclosing on Thursday in Tokyo to 1,484 yen.<br>\n<br>\n&#8220;Our goals are simple: we want to make Shinsei the safest,\nbest-capitalized large bank in Japan, and to create a financial foundation that\nmakes possible the repayment of taxpayers in whole and improves return on\nequity. The best way to accomplish these goals is by selling assets, shrinking\nthe company, and using excess capital to buy back shares,&#8221; Rosenwald said\nThursday.<br>\n<br>\nAlthough Rosenwald praised the company for recently launching a stock\nrepurchase program, he said the plan &#8220;needs to proceed at a much faster\npace if the taxpayer is to be repaid in full.&#8221; He said the bank needs to\navoid joint ventures with other banks and instead focus first on its own\nbalance sheet.<br>\n<br>\nThe annual meeting is expected to take place on June 19. Rosenwald said his\ndirector fee will be 1 yen per share until taxpayers are paid in full.<br>\n<br>\nLast year, Dalton advanced a proposal seeking to align executive remuneration\nwith shareholder returns. It failed to pass but 25% of the shares present were\nvoted in favor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dalton Investments has proposed the election of its founder James Rosenwald to the board of Japanese company Shinsei Bank, stepping up its campaign at the troubled Japanese bank. Rosenwald, whose Dalton owns 6% in Shinsei, said in a public release \u2026<br \/><a class=\"read-more\" href=\"https:\/\/dev.darsky.com\/dalton\/dalton-investments-submits-shareholder-proposal-to-elect-director-to-shinsei-bank-board\/\">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],"tags":[],"class_list":["post-3140","post","type-post","status-publish","format-standard","hentry","category-dalton-actions","wpautop"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dalton Seeks Seat at Shinsei - Dalton Investments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.darsky.com\/dalton\/dalton-investments-submits-shareholder-proposal-to-elect-director-to-shinsei-bank-board\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dalton Seeks Seat at Shinsei - Dalton Investments\" \/>\n<meta property=\"og:description\" content=\"Dalton Investments has proposed the election of its founder James Rosenwald to the board of Japanese company Shinsei Bank, stepping up its campaign at the troubled Japanese bank. 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