HORIBA chairman's approval drops to 74.4% at annual meeting

HORIBA Ltd. (TYO: 6856) Chairman Atsushi Horiba received 74.4% approval for reappointment at the company's annual general meeting held March 21, down from approximately 91.0% the previous year, according to Oasis Management Company Ltd.

Oasis, which holds 9.90% of HORIBA shares, said the voting results represent shareholder concern over governance and capital allocation. More than one in four votes cast opposed the chairman's continued leadership.

Several other directors received lower approval rates than typical for TOPIX-listed companies. Newly-appointed CFO Hiroshi Koyama received 81.6% support, while Director Dan Horiba and Director George Gillespie each received 82.4% approval. Outside Directors Fumihiko Matsuda and Tomoko Tanabe each received 86.7% support.

At the meeting, Oasis questioned the independence of outside directors and their prior relationships with HORIBA and the founding family. The company acknowledged long-standing relationships but declined to provide details, calling it a "personal matter."

When asked about portfolio restructuring, Chairman Horiba did not respond directly. President Adachi stated the company has been "flexible" with its business portfolio but provided no specific criteria, timeline, or accountability measures for restructuring efforts.

HORIBA stated it plans to disclose a revised MLMAP2028 plan in August 2026. The company confirmed it had reviewed Oasis's campaign materials but chose to respond only within the AGM format rather than through public statements.

Oasis indicated it will continue monitoring HORIBA's strategic plans and board accountability measures. The investment firm manages private funds and has adopted Japan's Stewardship Code principles for responsible institutional investing.

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