Today, Fuji Media Holdings (FMH) held its Annual General Meeting. Despite heavy rain, over 3,000 shareholders waited in line to attend the Ariake Arena, an event hall that hosted Billie Eilish during her \u201cHappier Than Ever, The World Tour.\u201d Many shareholders, mostly individual investors, voiced their concerns directly to management during the meeting. These investors indicated they wished to see forceful and rapid change to improve governance and the business portfolio of FMH. While we believed that the highly talented and experienced directors proposed by our shareholder proposals would be most effective at driving this change, with over 30% of total shares outstanding held by cross-shareholders, we were well aware that passing a shareholder proposal in the AGM was going to be a difficult task. Unfortunately, this proved to be the case, with our shareholder proposals rejected and FMH\u2019s candidates for board directors approved.<\/p>\n\n\n\n
First and foremost, we would like to thank the shareholders, employees, sponsors, and viewers who have raised their voices to FMH over the past six months. Thanks to their support, FMH has taken steps to renew its management and establish a reform action plan.<\/p>\n\n\n\n
We would also like to express our deep appreciation to the 12 shareholder-proposed candidates who, with strong determination and courage, stood for nomination and fought with us to enhance corporate value at FMH for the benefit of all shareholders. Without their contributions, we believe the progress achieved at FMH would not have been possible.<\/p>\n\n\n\n
To the newly appointed management team of FMH, congratulations on your election. We have high expectations for your successful execution of the reform action plan and for the enhancement of corporate value going forward. We trust that the Board will work tirelessly to implement the plan for the benefit of all shareholders.<\/p>\n\n\n\n
Today\u2019s shareholders\u2019 meeting is merely one milestone on the long road of reform at FMH. In the last six months, the company has made significant progress: it has a board consisting of a majority of independent directors, the former \u201cemperor\u201d of FMH – Hieda-san – and the \u201cOld Boys Club\u201d have finally departed. Today, we welcome change and focus. As a major shareholder, we will continue to engage with the company actively and constructively. We will continue to advocate for the tax-free spin-off of the FMH real estate business and for other changes to enhance value for all shareholders.<\/p>\n","protected":false},"excerpt":{"rendered":"