Activist proposals intensified at the June 2026 annual general meetings. Nippon Steel’s voting rights suddenly fell to zero on specific proposals, while ジャパネット withdrew its tender offer for ツインバード. The on-time graduation rankings for 57 private pharmacy schools also drew attention.
At the June 2026 annual general meetings, activist proposals targeting the Companies Act and disclosure rules stood out. Strategic Capital submitted proposals to designate parent companies and shareholders holding policy shares as counterparties in the acquisition of treasury shares, thereby excluding their voting rights. Dalton Investments also submitted proposals across the board to require changes that would encourage disclosure of annual securities reports before general meetings.
It was pointed out that Nippon Steel’s voting rights suddenly fell to zero in connection with specific proposals, bringing attention to a new activist tactic.
On 2 September, ジャパネットホールディングス withdrew its acquisition proposal for small-appliance maker ツインバード. Views on the withdrawal also included observations that could become a source of concern for listed owner-operated companies.
As part of the series, a feature ranked the 57 private pharmacy schools with the worst on-time graduation rates. It pointed out that nearly half of the six-year pharmacy programs do not enable students to graduate within 6 years.