{"id":379150,"date":"2020-11-11T19:03:16","date_gmt":"2020-11-12T00:03:16","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=379150"},"modified":"2020-11-11T19:03:16","modified_gmt":"2020-11-12T00:03:16","slug":"oasis-key-messages-for-tokyo-dome-shareholders-regarding-the-egm-on-december-17-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/oasis-key-messages-for-tokyo-dome-shareholders-regarding-the-egm-on-december-17-2020\/","title":{"rendered":"Oasis Key Messages for Tokyo Dome Shareholders Regarding the EGM on December 17, 2020"},"content":{"rendered":"

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Oasis Key Messages for Tokyo Dome Shareholders Regarding the EGM on December 17, 2020<\/span><\/b><\/p>\n

*Shareholders must take action at the EGM to create A Better Tokyo Dome<\/i><\/b><\/p>\n

* Shareholders should vote FOR Oasis\u2019s shareholder proposals by circling FOR (<\/i><\/b>\u201c\u8cdb\u201d) on the proxy form<\/i><\/b><\/p>\n

*Shareholders must vote FOR Oasis\u2019s proposals to stop further declines in corporate value<\/i><\/b><\/p>\n

\n*The time for change and A Better Tokyo Dome is NOW<\/span><\/i><\/b><\/p>\n

HONG KONG & TOKYO–(BUSINESS WIRE<\/a>)–
\nOasis Management Company Ltd. (\u201cOasis\u201d) is the manager to funds that are the largest shareholder of Tokyo Dome Corporation (9681 JT) (\u201cTokyo Dome\u201d or the \u201cCompany\u201d). Oasis has adopted the Japan FSA\u2019s \u201cPrinciples of Responsible Ownership\u201d (a\/k\/a the Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with its investee companies.\n<\/p>\n

\nTokyo Dome was once the leading stadium in Japan. However, today that is simply no longer true. Tokyo Dome has not taken steps to improve the fan experience for over 30 years<\/span>. Tokyo Dome has not increased its revenue or earnings for over 10 years<\/span>. But shareholders can act today to change that, and create A Better Tokyo Dome.\n<\/p>\n

\nOn November 10, Tokyo Dome published a statement and held a press conference regarding the upcoming Extraordinary General Meeting of Shareholders (\u201cEGM\u201d). We believe this press conference further underscores Oasis\u2019s concerns. Oasis has sought a meaningful dialogue with Tokyo Dome since 2018, and, as the largest shareholder, submitted a detailed presentation with business improvement plans. Instead of working to create A Better Tokyo Dome, 11 months after our presentation, they have held a press conference to announce that they still do not have a definitive plan for digital signage and other improvement plans suggested by Oasis.\n<\/p>\n

\nTokyo Dome also said in their statement that they would like Messrs. Mori and Akiyama to continue serving in their posts as independent external directors.\n<\/p>\n

\nThey say that Messrs. Mori and Akiyama have been doing good jobs and that they qualify as independent external directors according to the Company\u2019s \u201cStandards for Qualification of Independent External Directors\u201d. They may technically qualify as independent directors by their own definitions, but only because their Standards for Qualification of Independent External Directors lack a standard to deny qualification based on lengthy tenure. The Japan Association of Corporate Directors set a tenure limit in 2015 of 8 years for independent external directors, and suggests that as best practice a company should disqualify an independent external director who has served in his\/her such capacity for more than 8 years.\n<\/p>\n

\nMr. Akiyama has served for over 17.5 years and Mr. Mori for over 15.5 years as an independent external director. They have not managed to make necessary changes at the Company over the last 15.5+ years. There is no reason to believe they would now. These lengthy tenures are inconsistent with the best practices for corporate governance in Japan:\n<\/p>\n

Under Japan\u2019s Stewardship Code, it is our duty as shareholders to hold management accountable and to engage with Tokyo Dome in order to improve. Now is the moment to act to help change Tokyo Dome\u2019s fate. We must speak up and VOTE to help save Tokyo Dome.<\/b><\/p>\n