Proxy Advisors Back Oasis in Push to Oust KADOKAWA CEO Natsuno
Event summary
- Oasis, holding 13.76% of KADOKAWA shares, secured support from ISS and Glass Lewis for removing CEO Takeshi Natsuno.
- Both advisors recommend voting against Natsuno's reappointment and for his dismissal at KADOKAWA's June 24, 2026 AGM.
- ISS and Glass Lewis also urged voting against Board Chairman Hiroo Unoura, citing governance concerns.
- Oasis cites KADOKAWA's deteriorating performance, execution failures, and weak governance as key issues.
The big picture
This proxy battle highlights growing investor dissatisfaction with KADOKAWA's strategic direction and governance, reflecting broader trends in activist investing targeting Japanese conglomerates. The outcome will signal whether shareholders are willing to enforce accountability in underperforming media giants with valuable IP portfolios. Oasis's 13.76% stake gives it significant leverage in this fight.
What we're watching
- Governance Dynamics
- Whether the AGM vote will trigger broader governance reforms at KADOKAWA beyond just CEO removal.
- Execution Risk
- How quickly KADOKAWA can address its repeated execution failures under new leadership.
- Investor Sentiment
- The pace at which other shareholders align with Oasis's demands for management accountability.