Overview
- Kadokawa announced that shareholders on June 24 voted in favor of keeping CEO Takeshi Natsuno and rejected the activist proposal to remove him, according to a company notice.
- Oasis Management built a large stake in Kadokawa—reported between about 13.76% and 15.25%—and argued the company lost significant revenue from Elden Ring because overseas publishing was handled by Bandai Namco rather than captured by Kadokawa.
- Major proxy advisers backed the activist case, with ISS recommending support for Oasis’s proposal and Glass Lewis advising against Natsuno’s reappointment, increasing pressure from institutional investors.
- Investors cited Kadokawa’s weak recent results, including a fall in return on equity to 0.5% from 9.4% in 2022 and operating-profit shortfalls, as well as a 2024 data breach and labor-condition probes that have amplified scrutiny.
- Although Oasis failed to oust the CEO, its growing stake and Sony’s undisclosed 10% holding mean governance and publishing arrangements for FromSoftware titles could face renewed fights and closer votes in the coming year.