ValueAct Capital Activist Presentation Deck
Summary of the Governance Transformation
We believe the governance structure of Seven & i Holdings is dysfunctional, with distant
relationships between the holding company and its subsidiaries, an overly complex
organizational structure, infighting, and a Board that cannot act independently from
management's conflicted interests
Seven & i claims it has built a structure between the holding company and key subsidiaries
which enables "smooth decision-making", most recently in its public response to ValueAct,
but there is ample long-term evidence that this is not the case
The governance of Seven & i Holdings could improve in two ways that are well accepted
as modern global standards:
1 Transition from a majority of Inside Directors with conflicts of interest to a Board with
a majority of Outside Directors that can objectively assess strategy
2 Transition from a complex holding company management structure to a globally
coordinated management structure focused on 7-Eleven
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