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9401 - TBS Holdings Inc News Story

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Consumer Cyclicals
Mid Cap
Market Cap £2.30bn
Enterprise Value £1.87bn
Revenue £2.37bn
Position in Universe 344th / 3872

BREAKINGVIEWS-Japanese CEOs get new excuse to stop stock-picking

Fri 8th June, 2018 3:24am
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Quentin Webb HONG KONG, June 8 (Reuters Breakingviews) - An updated governance code tells boards to run cost-benefit analyses on holding stakes in other listed companies. It’s too much to hope this alone will catalyse disposals and buybacks. But it could help shareholders, such as those at broadcaster TBS, make a case for streamlining. Full view will be published shortly. On Twitter https://twitter.com/qtwebb CONTEXT NEWS - Japanese boards will have to review shareholdings in other companies annually, under a new version of the country’s corporate governance code released by the Tokyo Stock Exchange on June 1. Directors need to assess if “the purpose is appropriate and whether the benefits and risks from each holding cover the company’s cost of capital”, and publish the results of their analyses. - The original code was published in 2015, as part of an official push to make Japanese companies better run and more profitable. Among other changes, the revision also builds on an earlier requirement for board diversity by saying this should cover “gender and international experience.” - One high-profile dispute about cross-shareholdings could soon come to a head. Investors in Tokyo Broadcasting System Holdings will vote in June on a proposal from 1.7 percent shareholder Asset Value Investors, which wants the company to sell 40 percent of its holding in Tokyo Electron, a maker of semiconductor-manufacturing equipment. - For previous columns by the author, Reuters customers can click on WEBB/ - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: http://bit.ly/BVsubscribe <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ BREAKINGVIEWS - Activist broadcasts Japanese governance weak spot urn:newsml:reuters.com:*:nL4N1N007V Tokyo Broadcasting sets June vote on activist proposal to cut crossholdings urn:newsml:reuters.com:*:nL3N1T22ER JPX statement http://www.jpx.co.jp/english/news/1020/20180601.html Revised corporate governance code http://www.jpx.co.jp/english/news/1020/b5b4pj000000jvxr-att/20180602_en.pdf ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Jeffrey Goldfarb and Katrina Hamlin) ((quentin.webb@thomsonreuters.com; Reuters Messaging:quentin.webb.thomsonreuters.com@reuters.net))
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