US investment fund Farallon Capital Management is seeking the resignation of Yamato Holdings Chairperson Nagao Yutaka (長尾裕) and has proposed reducing the role of Nagao (長尾氏), who has served as a director since 2017. The share price is rising on expectations of reform.
US investment fund Farallon Capital Management filed a large shareholding report with the Kanto Local Finance Bureau seeking the resignation of Yamato Holdings Chairperson Nagao Yutaka (長尾裕) as a director. The report stated that the fund holds a 5.02% stake in Yamato Holdings and included a proposal that Nagao (長尾氏) "resign as representative director and director." It also proposed making all directors other than President Sakurai Toshiyuki (桜井敏之) outside directors.
At its earnings briefing on the 4th, Yamato Holdings said it would listen to the views of the capital markets, and CFO Nomura Yu (野村優) explained that its policy of accepting the reform proposals remained unchanged. Against this backdrop, the closing price that day was up 12% from the previous business day, ranking second for percentage gain on the TSE Prime Market. Farallon was established in 1986 by founder Tom Steyer, a former candidate in the Democratic presidential primary, and its total assets under management are reportedly on the order of ¥6 trillion.
Farallon's background includes its status as an investment management firm established in San Francisco in 1986 that promotes corporate reform through long-term shareholder proposals. Its founder, Steyer, later ran in the Democratic presidential primary for US president, and the firm's assets are considered substantial.