Announcement of Online Briefing Session on Shareholder Proposal Outline by Yutaka Yamanaka, Representative of Shosukabu.com Inc.
Shosukabu.com Representative Yutaka Yamanaka will hold an online briefing on his shareholder proposals for Cosmo and Wacoal HD. Emphasizing the Ito Report's 8% ROE standard, he proposes the sale of Wacoal HD's main business and Cosmo's entry into the storage battery business to improve capital efficiency.
📋 Article Processing Timeline
- 📰 Published: May 11, 2026 at 20:13
- 🔍 Collected: May 11, 2026 at 11:31
- 🤖 AI Analyzed: May 12, 2026 at 05:11 (17h 39m after Collected)
Shosukabu.com Inc. (Representative Director and Chairman: Yutaka Yamanaka, Headquarters: Nerima-ku, Tokyo, hereinafter "the Company") announces that its Representative Director and Chairman, Yutaka Yamanaka, will hold an online briefing session to explain the background and objectives of the proposals he will submit as a shareholder of Cosmo Inc. (President and Representative Director: Kenji Mori, Headquarters: Higashinari-ku, Osaka, hereinafter "Cosmo") and Wacoal Holdings Corp. (President and Representative Director: Masaaki Yajima, Headquarters: Kyoto City, Kyoto, TSE Prime 3591, hereinafter "Wacoal HD") at their Annual General Meetings of Shareholders in June 2026.
At this briefing session, Representative Yutaka Yamanaka will emphasize the minimum standard of 8% ROE (Return on Equity) advocated by the "Ito Report," a guideline for the sustainable growth of Japanese companies. He asserts that a management team's inability to achieve this over the medium to long term constitutes a failure to fulfill its "fiduciary duty" to shareholders.
He will detail his unwavering resolve to improve capital efficiency, which lies behind the seemingly extreme proposals of "divesting the core business" for Wacoal Holdings and "entering the storage battery business" for Cosmo.
1. **Online Briefing Session Overview**
* **Date & Time:** May 15, 2026 (Saturday), 13:00~
* **Format:** Online (Zoom / YouTube Live planned)
* **Speaker:** Yutaka Yamanaka, Representative Director and Chairman of Shosukabu.com Inc.
* **Participation Fee:** Free
* **Application:** Please apply to info@shosukabu.com with "Shareholder Proposal Online Briefing Participation Request" clearly stated in the subject line.
2. **Key Points of This Briefing**
This briefing will strongly address the following points in particular:
(1) **Compliance with Ito Report "ROE 8%" and Management Responsibility**
Even now, long after the publication of the "Ito Report," many companies are observed to be unable to generate profits exceeding their cost of capital. Failure to achieve 8% ROE over the medium to long term is synonymous with eroding capital entrusted by shareholders, and it must be said that management is abandoning its fiduciary duty to shareholders.
(2) **Wacoal HD: "No Sanctuary" Proposal for Capital Efficiency Improvement**
For Wacoal HD, which continues to suffer from low ROE, we propose a drastic portfolio restructuring, including the sale of its core business (the Wacoal business). We believe that management's continued choice of "status quo" is a breach of fiduciary duty and will press for value maximization through the introduction of external capital and business divestitures.
(3) **Cosmo: ROE Improvement through Growth Investment and "Storage Battery Business"**
For Cosmo, for whom stable achievement of 8% ROE is difficult on the extension of its existing business, we propose entering the high-growth field of storage battery business. This is not merely diversification but a "concrete and constructive alternative" to fundamentally enhance capital efficiency and enable management to fulfill its fiduciary duty.
3. **Message from Representative Yutaka Yamanaka**
Japanese corporate governance has moved beyond the formal stage and entered a phase where substantial "results" are demanded. If management cannot even keep the minimum promise of 8% ROE, shareholders should not passively wait but fundamentally re-examine the state of management. This shareholder proposal serves as a warning.
**Representative Profile**
Yutaka Yamanaka
Born December 1976, he is a leading activist investor of the '76 generation, an art collector, philanthropist, political activities sponsor, election consultant, policy advisor, social activist, and Akita dog enthusiast. Internationally, he is recognized as an "activist investor who understands technology," and historically, he is the first Japanese person to have accumulated over 150 billion JPY in assets solely through investment.
In the early 2010s, he focused on NVIDIA, which develops GPGPU and artificial intelligence-related semiconductors, as an investment target, investing approximately 2 billion JPY, and subsequently realizing returns of over 100 times, becoming the first Japanese billionaire purely as an investor.
Graduated as valedictorian from the University of Tokyo, Faculty of Economics. Obtained a Master's degree from Columbia University Graduate School (specializing in Financial Engineering), and studied abroad at the London School of Economics and Political Science (LSE). He is a Co-Representative Partner of Investment Brothers LLC, Co-founder and Chairman Director of Shosukabu.com Inc., and currently a shareholder in over 1000 listed companies and 200 unlisted companies worldwide. His investments are global in the true sense, including AI startups in Israel, healthcare ventures in Nigeria, and battery manufacturers in Taiwan.
Drawing on his personal experience of struggling with dyslexia and ADHD (Attention Deficit Hyperactivity Disorder) in his childhood, he launched a support program for children with learning disabilities, modeled after the major U.S. discount broker Charles Schwab. His personal physician...
At this briefing session, Representative Yutaka Yamanaka will emphasize the minimum standard of 8% ROE (Return on Equity) advocated by the "Ito Report," a guideline for the sustainable growth of Japanese companies. He asserts that a management team's inability to achieve this over the medium to long term constitutes a failure to fulfill its "fiduciary duty" to shareholders.
He will detail his unwavering resolve to improve capital efficiency, which lies behind the seemingly extreme proposals of "divesting the core business" for Wacoal Holdings and "entering the storage battery business" for Cosmo.
1. **Online Briefing Session Overview**
* **Date & Time:** May 15, 2026 (Saturday), 13:00~
* **Format:** Online (Zoom / YouTube Live planned)
* **Speaker:** Yutaka Yamanaka, Representative Director and Chairman of Shosukabu.com Inc.
* **Participation Fee:** Free
* **Application:** Please apply to info@shosukabu.com with "Shareholder Proposal Online Briefing Participation Request" clearly stated in the subject line.
2. **Key Points of This Briefing**
This briefing will strongly address the following points in particular:
(1) **Compliance with Ito Report "ROE 8%" and Management Responsibility**
Even now, long after the publication of the "Ito Report," many companies are observed to be unable to generate profits exceeding their cost of capital. Failure to achieve 8% ROE over the medium to long term is synonymous with eroding capital entrusted by shareholders, and it must be said that management is abandoning its fiduciary duty to shareholders.
(2) **Wacoal HD: "No Sanctuary" Proposal for Capital Efficiency Improvement**
For Wacoal HD, which continues to suffer from low ROE, we propose a drastic portfolio restructuring, including the sale of its core business (the Wacoal business). We believe that management's continued choice of "status quo" is a breach of fiduciary duty and will press for value maximization through the introduction of external capital and business divestitures.
(3) **Cosmo: ROE Improvement through Growth Investment and "Storage Battery Business"**
For Cosmo, for whom stable achievement of 8% ROE is difficult on the extension of its existing business, we propose entering the high-growth field of storage battery business. This is not merely diversification but a "concrete and constructive alternative" to fundamentally enhance capital efficiency and enable management to fulfill its fiduciary duty.
3. **Message from Representative Yutaka Yamanaka**
Japanese corporate governance has moved beyond the formal stage and entered a phase where substantial "results" are demanded. If management cannot even keep the minimum promise of 8% ROE, shareholders should not passively wait but fundamentally re-examine the state of management. This shareholder proposal serves as a warning.
**Representative Profile**
Yutaka Yamanaka
Born December 1976, he is a leading activist investor of the '76 generation, an art collector, philanthropist, political activities sponsor, election consultant, policy advisor, social activist, and Akita dog enthusiast. Internationally, he is recognized as an "activist investor who understands technology," and historically, he is the first Japanese person to have accumulated over 150 billion JPY in assets solely through investment.
In the early 2010s, he focused on NVIDIA, which develops GPGPU and artificial intelligence-related semiconductors, as an investment target, investing approximately 2 billion JPY, and subsequently realizing returns of over 100 times, becoming the first Japanese billionaire purely as an investor.
Graduated as valedictorian from the University of Tokyo, Faculty of Economics. Obtained a Master's degree from Columbia University Graduate School (specializing in Financial Engineering), and studied abroad at the London School of Economics and Political Science (LSE). He is a Co-Representative Partner of Investment Brothers LLC, Co-founder and Chairman Director of Shosukabu.com Inc., and currently a shareholder in over 1000 listed companies and 200 unlisted companies worldwide. His investments are global in the true sense, including AI startups in Israel, healthcare ventures in Nigeria, and battery manufacturers in Taiwan.
Drawing on his personal experience of struggling with dyslexia and ADHD (Attention Deficit Hyperactivity Disorder) in his childhood, he launched a support program for children with learning disabilities, modeled after the major U.S. discount broker Charles Schwab. His personal physician...