Activist Oasis urges Hokuetsu shareholders to vote against president re-election

Activist investor Oasis Management on Monday urged shareholders of Hokuetsu Corp to vote against the re-election of President Seiko Kishimoto at the Japanese paper manufacturer’s upcoming annual general meeting.

The “company’s corporate governance system, controlled by Kishimoto, has failed to function… We believe true enhancement of the company’s corporate value is not possible without his departure,” the Asia-focused fund said in a statement.

Kishimoto’s departure will enhance the paper firm’s corporate value over the long term, said Oasis, Hokuetsu’s biggest shareholder with a stake of over 18 per cent.