{"id":6326,"date":"2026-03-30T12:51:58","date_gmt":"2026-03-30T19:51:58","guid":{"rendered":"https:\/\/dev.darsky.com\/dalton\/?p=6326"},"modified":"2026-03-30T12:52:01","modified_gmt":"2026-03-30T19:52:01","slug":"results-of-shareholder-proposals-at-ezaki-glicos-annual-general-meeting-of-shareholders","status":"publish","type":"post","link":"https:\/\/dev.darsky.com\/dalton\/results-of-shareholder-proposals-at-ezaki-glicos-annual-general-meeting-of-shareholders\/","title":{"rendered":"Results of Shareholder Proposals at Ezaki Glico\u2019s Annual General Meeting of Shareholders"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Based on Ezaki Glico\u2019s disclosed voting results and approval ratios from the Annual General Meeting of Shareholders, we are issuing our views on the outcomes of this AGM, including the shareholder proposals submitted by Dalton Investments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The voting results and approval ratios for resolutions at Ezaki Glico\u2019s Annual General Meeting of Shareholders have been disclosed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Approval ratios for shareholder proposals<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Election of directors<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">James B. Rosenwald III: 26.9%<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Junichiro Sano: 28.5%<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Share repurchase: 30.5% (21.6% last year)<\/li>\n\n\n\n<li>Expansion of restricted stock compensation: 26.8% (15.6% last year)<\/li>\n\n\n\n<li>Amendment to the articles of incorporation regarding responses to Tokyo Stock Exchange requests: 23.5% (18.1% last year)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ezaki Glico\u2019s disclosure (in Japanese) can be found <a href=\"https:\/\/disclosure2dl.edinet-fsa.go.jp\/searchdocument\/pdf\/S100XTYL.pdf?sv=2020-08-04&amp;st=2026-03-26T07%3A12%3A46Z&amp;se=2031-03-26T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=JVUxWQL6jZaeMDvHH4Sxu6cNni%2BnaYwPblAqUaGmAT0%3D\"><strong>here<\/strong><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While all four shareholder proposals submitted by Dalton were voted down, Dalton\u2019s two board of director election proposals received approval ratios close to 30%, and our other three shareholder proposals achieved higher approval ratios than last year. We believe that these results are highly meaningful and reflective of the increasing support that our shareholder proposals are receiving from fellow Ezaki Glico shareholders.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, approval ratios for proposals to reappoint existing directors declined by an average of 8.6% year-on-year across all directors, and by an average of 13.1% when limited to outside directors. &nbsp;This is a recurring trend from last year\u2019s AGM, when approval ratios for director reappointment proposals declined by an average of 9.8% from the prior year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We believe these results indicate that shareholders have serious concerns about Ezaki Glico\u2019s current management structure, including its outside directors, and their ability to address structural issues such as 1) sustainable improvements in ROE; 2) addressing issues related to loss leading businesses such as the daily business and 3) corporate governance issues that impair shareholder value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We expect Ezaki Glico to take decisive action to address these issues. We also look to those outside directors appointed to enhance oversight from a minority shareholder perspective and contribute to initiatives aimed at maximizing corporate value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We plan on continuing our constructive dialogue with Ezaki Glico, with a view to achieving sustainable improvement in shareholder value and realizing an appropriate share price reflective of the company\u2019s strong branding and underlying business fundamentals. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Based on Ezaki Glico\u2019s disclosed voting results and approval ratios from the Annual General Meeting of Shareholders, we are issuing our views on the outcomes of this AGM, including the shareholder proposals submitted by Dalton Investments. The voting results and \u2026<br \/><a class=\"read-more\" href=\"https:\/\/dev.darsky.com\/dalton\/results-of-shareholder-proposals-at-ezaki-glicos-annual-general-meeting-of-shareholders\/\">read more &gt;<\/a><\/p>\n","protected":false},"author":53,"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-6326","post","type-post","status-publish","format-standard","hentry","category-dalton-actions","wpautop"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Results of Shareholder Proposals at Ezaki Glico\u2019s Annual General Meeting of Shareholders - 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\/results-of-shareholder-proposals-at-ezaki-glicos-annual-general-meeting-of-shareholders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Results of Shareholder Proposals at Ezaki Glico\u2019s Annual General Meeting of Shareholders - Dalton Investments\" \/>\n<meta property=\"og:description\" content=\"Based on Ezaki Glico\u2019s disclosed voting results and approval ratios from the Annual General Meeting of Shareholders, we are issuing our views on the outcomes of this AGM, including the shareholder proposals submitted by Dalton Investments. 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