Both Leading Proxy Advisory Firms Support Fir Tree’s Case for Change at JR Kyushu
Fir Tree Partners ("Fir Tree"), manager of certain funds that reported collective beneficial ownership of approximately 6.1% of the outstanding shares of Kyushu Railway Company ("JR Kyushu" or the Company") (TSE ticker 9142), today announced that both leading proxy advisory firms, Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co. (Glass Lewis), have supported Fir Trees case for change at JR Kyushu.
- Fir Tree Partners ("Fir Tree"), manager of certain funds that reported collective beneficial ownership of approximately 6.1% of the outstanding shares of Kyushu Railway Company ("JR Kyushu" or the Company") (TSE ticker 9142), today announced that both leading proxy advisory firms, Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co. (Glass Lewis), have supported Fir Trees case for change at JR Kyushu.
- In its report dated June 5, 2019, Glass Lewis concluded:
[W]e believe Fir Tree's core case for board-level change at Kyushu is ultimately more persuasive than the Company's public rebuttal, to-date. - Aaron Stern, Managing Director and Partner at Fir Tree, stated: ISS and Glass Lewis have clearly and rightfully recognized that change is needed at JR Kyushu.
- This press release is based solely on Fir Trees own analysis and information made publicly available by JR Kyushu.