ValueAct Capital Activist Presentation Deck
Dialogue With Shareholders Has Been Performative
Shareholder survey commissioned by Seven & i in 2021 is misleading and does not facilitate true strategic
feedback. In fact, the data is likely to confuse or mislead the Board.
Questions do not allow
investors to communicate
ideas about strategies
outside the scope of the
MTMP
Nested responses create
confusion about the
respondent's true
meaning
Sources: Proxy solicitor survey sent on behalf of Seven & i, VAC analysis
Illustrative Question From Seven & i Survey
Q3: What are your thoughts on reforms at Seven & i Holdings' business and stores at large
commercial centers, with regard to workforce optimization, reviewing unprofitable stores?
a. Positive: The company's strategy of focusing on core businesses with high
profitability is significant and highly evaluated.
b. Neutral: Although this will have a temporary impact on earnings, we believe that their
strategy is to capture both risk and opportunity.
c. Negative: Please tell us more about improving productivity through Al orders and
expanding customer contact points using DX.
d. Others
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