AGM in June 2019 | 淺沼組への株主提案に関する特集サイト
会社概要
If our proposals are approved and Asanuma continues 100% payout ratio, the estimated share price is;
>JPY 10,000(*)
*Calculation based on dividend yield. Please find the detail of calculation in “our shareholder proposals”.

AGM in June 2019

We attended the AGM and expressed our opinions.
Link in Japanese.

Key opinions in English are following.


  • The final part of the opposite opinion to our proposals states “the shareholder proposals do not coincide with the management policy. They don’t contribute to increase enterprise value.”. It seems as if you think the present management policy increases enterprise value. If so, we don’t submit shareholder proposals. We proposed them because the management policy is not good and under such policy the enterprise value has not increased.
  • Asanuma asked us in the recent meeting, ”If Asanuma dissolves cross shareholdings, Asanuma may lose businesses. Is it acceptable to you as a shareholder?” We answer this question as the largest shareholder. It is fine to lose businesses as a result of dissolution of cross shareholdings.
  • It is a violation of the Corporate Governance code 1-4-1 to stop businesses on the back of dissolution of cross shareholdings. From the viewpoint of compliance, it is not recommendable to deal with such firms who violate a public discipline. We can accept the decline in profit as the side effect of dissolution of cross shareholdings and welcome the improvement of the business relationship.
  • Business relationship must be obtained through competences such as construction technique / service, not through holding cross shareholdings.
  • Please don’t purchase other companies’ shares but acquire Asanuma’s own shares. We had continuously proposed share buyback to the amount of JPY 7 bil. Afterward Asanuma released buyback program to the amount of only 1 bil. Asanuma needs to change its management direction so that the market recognizes Asanuma has really changed. This leads to the improvement of the valuation.
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