MILWAUKEE, March 12, 2025 (GLOBE NEWSWIRE) -- The Artisan Partners International Value Group has released the following statement with regard to changes on the Board of Directors of Seven & i Holdings, Inc.
Japanese corporate governance increasingly recognizes the importance and value of independent directors. Japan’s Corporate Governance Code requires companies listed on the Prime Market of the Tokyo Stock Exchange to have boards comprised of at least one-third independent directors. Independent directors are crucial to sound corporate governance and can bring objectivity and enhance accountability, which should lead to better decision making and to the protection of shareholder interests. We are aware of only two publicly listed companies around the globe in recent years where decision making at the board of directors has resulted in the resignation of multiple directors. One of those companies is Seven & i Holdings, Inc.
The new Japanese corporate governance standards are working. The recent resignations of two of the company’s independent directors are a sign of dysfunction and will serve to further compromise the board function. Now it is the job of shareholders, the owners of the company, to hold leadership accountable. Silence on the part of shareholders is a rejection of the good intentions of the Financial Services Agency, the Ministry of Economy, Trade and Industry and the Tokyo Stock Exchange.
The hallmarks of current leadership include years of poor operating performance, terrible capital allocation, conflicts of interest, management entrenchment and inadequate consideration of a potentially value-creating acquisition. The shareholders of Japanese companies deserve better.
Press Inquiries
Eileen Kwei
800.399.1770
eileen.kwei@artisanpartners.com
source: Artisan Partners Asset Management Inc.
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