- Leading independent proxy advisor, ISS, endorses all of Oasis’s shareholder proposals to remove the incumbent Fujitec Outside Directors and appoint the six Oasis nominated independent Directors to replace them
- ISS acknowledges shareholder dismay at recent breaches to their most basic rights, condemning the Fujitec Board’s record on corporate governance and failed value creation
- ISS recommends shareholders support all of Oasis’s proposals, otherwise risk “keeping the status quo” and not bringing “desired change” at Fujitec
Oasis Management Company Ltd. (“Oasis”) is the manager to funds that beneficially own over 16.5% of elevator manufacturer and servicing company Fujitec Co., Ltd. (6406 JT) (“Fujitec” or the “Company”). In December 2022, Oasis requisitioned the Fujitec Board of Directors (“Board”) to call an extraordinary general meeting (“EGM”) to allow shareholders to vote on proposals to remove six incumbent directors, and to appoint highly qualified independent and experienced Outside Directors. The EGM will take place on February 24, 2023.
Oasis welcomes the recently published research report from the leading independent proxy advisory firm, Institutional Shareholder Services Inc. (“ISS”), which recommends that Fujitec shareholders vote FOR all of the Oasis proposals including REMOVAL of the six targeted incumbents and support FOR all of Oasis’s Outside Director nominees (and FOR Oasis’s proposals related to compensation plans for the Directors), and AGAINST the appointment of two Fujitec-sponsored Outside Director nominees.
At the 2022 Annual General Meeting (“AGM”), Fujitec’s shareholders were disappointed to witness the extent to which the Uchiyama Family abused its control to exploit Fujitec and its stakeholders through numerous inappropriate related-party transactions over several years. After the withdrawal of Takakazu Uchiyama’s nomination at the 2022 AGM, Fujitec’s Outside Directors were complicit and supportive of an unprecedented…