Platinum Asset Management Supports Action to Remove Ushioda and Yamanashi from Lixil Board of Directors

By
Andrew Clifford,
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Andrew co-founded Platinum in 1994 as the Deputy Chief Investment Officer, having worked alongside Kerr for several years at Bankers Trust and perfecting the craft of.. More

04 Apr 2019

Platinum Asset Management, an ASX-listed global fund manager with approximately AU$26 billion in funds under management and voting control of 4.42% of Lixil Group Corporation, today announced its in-principle support of the proposed shareholder action to remove Mr Ushioda and Mr Yamanashi from the Board of Directors of Lixil.

Media Release - Platinum Asset Management Supports Action to Remove Ushioda and Yamanashi from Lixil Board of Directors

4 April 2019


Sydney, Australia: Platinum Asset Management, an ASX-listed global fund manager with approximately AU$26 billion in funds under management and voting control of 4.42% of Lixil Group Corporation, today announced its in-principle support of the proposed shareholder action to remove Mr Ushioda and Mr Yamanashi from the Board of Directors of Lixil.

Platinum sent a letter to the Lixil Board on 22 February 2019 outlining its concerns regarding the events and circumstances leading to the abrupt resignation of Mr Seto as CEO, questioning the merits of Mr Ushioda’s and Mr Yamanashi’s appointments to the roles of CEO and COO, respectively, and raising concerns regarding Lixil’s recent financial performance. Platinum has not received a response from Lixil.

Platinum’s Managing Director and Chief Investment Officer, Andrew Clifford said, “As a large institutional shareholder, our primary concern is value creation for our investors - strong management and sound corporate governance practices are vital to a company’s long-term viability, growth and profitability. We remain dissatisfied with the validity and nature of Lixil’s recent management changes part way through the execution of a turnaround strategy led by Mr Seto, which we backed. We are therefore supportive of the proposals that have been put forward to remove Mr Ushioda and Mr Yamanashi from the Board of Directors of Lixil.”

About Platinum:
Platinum Investment Management Limited (Platinum), trading as Platinum Asset Management is an Australian-based investment manager specialising in international equities. Platinum’s independent style of investment management is driven by a thematic stock picking approach. Platinum’s investment strategy is applied with the aim of achieving strong long-term absolute returns for investors. Platinum manages approximately A$26 billion (as at 28 February 2019) from investors in Australia and New Zealand, as well as overseas. Platinum is a fully owned subsidiary of Platinum Asset Management Limited ABN 13 050 064 287, a company listed on the Australian Securities Exchange. Staff and related parties have relevant interests in approximately 50% of Platinum Asset Management Limited’s issued shares.

Letter to the Board of Lixil Group Corporation from Platinum Asset Management


DISCLAIMER: This information has been prepared by Platinum Investment Management Limited ABN 25 063 565 006 AFSL 221935, trading as Platinum Asset Management ("Platinum"). It is general information only and has not been prepared taking into account any particular investor’s investment objectives, financial situation or needs, and should not be used as the basis for making an investment decision. You should obtain professional advice prior to making any investment decision. A copy of the latest product disclosure statement for the Platinum International Fund is available from Platinum’s website www.platinum.com.au. Past performance is not a reliable indicator of future performance.
The market commentary reflects Platinum’s views and beliefs at the time of preparation, which are subject to change without notice. No representations or warranties are made by Platinum as to their accuracy or reliability. To the extent permitted by law, no liability is accepted by Platinum or any other company in the Platinum Group®, including any of their directors, officers or employees, for any loss or damage arising as a result of any reliance on this information.

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