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Oasis Statement on Shareholder Proposals for a Governance Turnaround at Toyo Seikan

HONG KONG & TOKYO–()–Oasis Management Company Ltd. (“Oasis”) is the manager to funds that own shares of Toyo Seikan Group Holdings Ltd (5901 JP) (“Toyo Seikan” or the “Company”), a leading manufacturer of packaging containers in Japan.

With over 100 years of rich history and experience, Toyo Seikan should lead as an example for best-in-class corporate governance in Japan. However, this has not been the case.

Toyo Seikan’s governance shortcomings — including substantial cross-shareholdings that account for 46% of the Company’s market cap, paid komon positions for former presidents, and the absence of an independent audit committee — are reflected in its deeply discounted valuation. Toyo Seikan has underperformed the Topix Index by 86.1% over the past five years, during which time the Company has been valued below its liquidation value.

Oasis is a long-term engagement investor in Japan and has repeatedly sought to engage with Toyo Seikan on improving its governance. Toyo Seikan shareholders must act now to hold management accountable to improve governance and corporate value. This situation can no longer continue unchecked.

To this end, Oasis has submitted five proposals for Toyo Seikan’s upcoming AGM, which aim to improve governance at Toyo Seikan by:

  1. Introducing Performance-Linked Director Remuneration – to incentive and reward the Board and management for improving performance;
  2. Changing the Corporate Structure – to strengthen oversight and improve governance;
  3. Abolish the Sodanyaku/Komon System – to empower management to make bold decisions;
  4. Implementing a 9.9% Share Buyback – to improve ROE, and
  5. Enhancing Disclosure in line with the Task Force on Climate-Related Financial Disclosures –to improve transparency on sustainability issues.

Seth Fischer, Founder & Chief Investment Officer of Oasis, said:

Now is the time for shareholders to take action to call for a governance turnaround at Toyo Seikan. Management must act now to substantially improve governance.”

Oasis calls on all Toyo Seikan shareholders to vote FOR the Oasis proposals at the upcoming AGM to help Toyo Seikan significantly improve its corporate governance and corporate value.

Full details can be viewed at All stakeholders are encouraged to contact Oasis at


Oasis Management Company Ltd. manages private investment funds focused on opportunities in a wide array of asset classes across countries and sectors. Oasis was founded in 2002 by Seth H. Fischer, who leads the firm as its Chief Investment Officer. More information about Oasis is available at Oasis has adopted the Japan FSA’s “Principles of Responsible Institutional Investors” (a/k/a Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with our investee companies.

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