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Japan-Update

Hong Kong activist fund presses GMO Internet on governance

Oasis Management wants the Japanese company to scrap takeover defenses

TOKYO -- Hong Kong-based activist fund Oasis Management is demanding that Japan's GMO Internet strengthen corporate governance, calling for such steps as doing away with takeover defenses.

The fund wants GMO Internet, an internet services company based in Tokyo, to put six proposals up for a vote at its shareholders meeting in late March. These proposals include adopting a corporate structure with nominating and other committees, as well as banning the company's president from also chairing the board of directors.

Oasis Management had sent recommendations on governance to GMO Internet back in July. But the company refused to engage in a dialogue.

The fund holds 5% of GMO Internet's outstanding shares. It has invested in such Japanese companies as silkwear producer Katakura Industries and human resources giant Pasona Group.

GMO Internet is roughly 30% foreign-owned.

(Nikkei)

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