On Breakingviews – Kirin will provide a litmus test of whether Japanese investors are thirstier for bigger changes at Japan Inc, says jgfarb:
Kirin Holdings President and Chief Executive Yoshinori Isozaki speaks as he sits behind a selection of the company's drinks during an interview in Tokyo August 18, 2015. Kirin Holdings is unable to raise prices on beer and soft drinks without a risk of harming sales, Isozaki, the CEO of Japan's second-biggest drinks maker said, underscoring the weak consumer sentiment that led to a quarterly contraction in Asia's second-largest economy.
Independent Franchise Partners, a UK-based firm known as FP, makes a persuasive case to reshape the company. Although Kirin has generated an annualised 10.5% total shareholder return over the last five years – outperforming local rivals and the broader Japanese market – much of that followed asset sales. When it embarked on greater diversification, including paying $1.2 billion for a 30% stake in Fancl last year, shares began retreating.
Boss Yoshinori Isozaki defended his strategy last week and rejected the suggestion of a large share buyback using proceeds from fresh disposals. Kirin did address some governance concerns raised by FP, offering to make its board more diverse and independent, and to start paying directors based on performance to some extent.
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