Fund manager Asset Value Investors has complained about governance issues at Digital Garage, a Tokyo-listed company, and has announced its intention to vote against the re-election of directors at the company's next AGM.
Asset Value Investors, which has specialised in Japanese equities since the 1980s, has been a shareholder of the Japanese fintech since 2018 and currently holds 3% of the company's vote.
Over this period, Asset Value Investors said it has engaged with the Digital Garage board privately by sending two presentations and five letters to encourage corporate governance and structural reforms.
Asset Value Investors also said that Digital Garage’s medium-term management plan published in May 2023 has failed to announce new measures, "continuing the suboptimal status quo and failing to make a convincing case for its growth strategy," the UK-based fund manager said last week.
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