Investor Presentaiton
2023 Guidelines Updates - Excessive Strategic Shareholding
4. Excessive Strategic Shareholding
[GL Policy]
Glass Lewis will generally recommend voting against the chair of the board when the size of strategic
shares held by the company exceeds 10% or more of its net assets disclosed in the securities report
for the previous fiscal year.
[Exception Clause Revised in 2023]
We may refrain from recommending shareholders vote against directors for this issue alone only
when the company has disclosed a clear plan for reducing the size of its strategic shareholdings
including the specific amount of reduction and the timeframe for the reduction.
Additionally, we may also refrain from recommending voting against directors when the company has
posted an average return on equity (ROE) of five percent or more over the past five fiscal years even
if the size of strategic shares held by the company falls in the range between 10% and 20% of its net
assets.
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