Activist Campaign
Tokyo Broadcasting System


We are obviously disappointed that a majority of our fellow TBS shareholders did not support our proposal.

We believe the facts clearly show that TBS’ excessive strategic shareholdings: (1) impair TBS’ corporate value, as reflected in the ¥200 billion gap between TBS’ asset value and market value; (2) have nothing to do with TBS’ core broadcasting business; (3) reduce the accountability and discipline of TBS management; and (4) conflict with the principles of the Corporate Governance Code.

We are particularly disappointed that we did not receive more support from institutional shareholders in light of the fact that our proposal was strongly endorsed by ISS and that TBS management has persistently failed to achieve minimal ROE targets endorsed by the Stewardship Code.

At the same time, we are encouraged that TBS management has acknowledged that its policies on strategic holdings need to be reconsidered in light of recent changes in the Corporate Governance Code.  TBS management cannot ignore the fact that a number of TBS shareholders indicated their dissatisfaction with TBS management, as they have in years past, by voting against re-election of the directors nominated by the company.

In the coming months we intend to engage directly with TBS management and our fellow shareholders on ways to improve TBS’ corporate value, capital efficiency and corporate governance.  We look forward to an honest dialogue that will identify constructive measures on which broad agreement can be achieved.

Despite the results of this year’s annual meeting, we believe our efforts have received positive support and attention in Japan, and that we have begun a process that will achieve positive benefits for TBS shareholders in the long run.

We will keep this website active for informational purposes and to continue dialogue will all stakeholders.

July 5, 2018


Joe Bauernfreund

Please choose:

This website, and the information contained herein, (collectively referred to as “the Website”) is being provided for the shareholders of Tokyo Broadcasting Holdings. Inc. (“TBS”) for information purposes only.  Asset Value Investors Limited (“AVI”) is the investment manager of one of the shareholders of TBS, namely British Empire Trust plc (“BTEM”).

AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”) and is also registered as an Investment Advisor with the United States Securities and Exchange Commission (the “SEC”) under the United States Investment Advisors Act of 1940.

The Website is directed only at Professional Clients or Eligible Counterparties as defined by the UK FCA.

AVI sent a written proposal addressed to TBS (the “Proposal”) through which AVI seeks to ask shareholders to vote on a distribution of in-kind shares or cash. The Proposal is accessible through the Website.  AVI created the Website to help enable visitors to reach their own conclusion regarding whether or not to support the Proposal.

The Website was created solely for the purpose mentioned above and is provided for information purposes only.  AVI is by no means soliciting or requesting other shareholders of TBS to jointly exercise their shareholders’ rights with AVI (including, but not limited to, voting rights).

AVI declares that it does not intend to be treated or deemed a “joint holder” (kyo-do hoyu-sha) with other TBS shareholders under the Japanese Financial Instruments and Exchange Act by virtue of disseminating information through the Website or engaging in dialogue with other TBS shareholders in or through this Website.

The Website exclusively represents the opinions, interpretations and estimates of AVI in relation to TBS’s business and governance structure.  AVI is expressing such opinions, interpretations and estimates solely in its capacity as an investment manager to BTEM.

The information contained herein is derived from proprietary and non-proprietary sources deemed by AVI to be reliable.  While AVI believes that reasonable efforts have been made to ensure the accuracy of the information contained in the Website, AVI makes no representation or warranty, expressed or implied, as to the accuracy, completeness or reliability of such information.








本ウェブサイトは、TBSの事業およびガバナンス体制に関するAVIの見解、解釈 、評価を掲載したものであり、AVIはあくまでBTEMの資産運用管理者の立場からこれらの見解、解釈 、評価を述べております。

本ウェブサイトに掲載される情報は、AVIが信頼できると判断した専有又は非専有の情報源から得たものです。AVIは本ウェブサイトに掲載する情報の正確性を確保するために合理的な注意を払っておりますが、その正確性、完全性および 信頼性について明示・黙示にかかわらず一切の表明・保証をするものではありません。