BOSTON–(BUSINESS WIRE)–Kaname Capital (“Kaname” or “we”) today issued a public letter addressed to the Board of Directors, the Board of Corporate Auditors, and the Third-Party Committee of Fukuda Denshi Co., Ltd. (securities code: 6960; “Fukuda Denshi”).
We give a measure of credit, as a sign of a commitment to governance reform, to the establishment of the Third-Party Committee announced on June 25, 2026 and to the launch of the governance reform project announced at the shareholders’ meeting on June 26, 2026. However, the conduct of the shareholders’ meeting that day was unbecoming of a company that professes to pursue governance reform. A large number of employees appear to have been mobilized as shills; in place of the nominated directors and corporate auditors, President Shirai gave blanket answers lacking in specifics; and the meeting — which, in the wake of the misconduct, should have been the occasion for thorough deliberation — was cut off after just 45 minutes (see the minutes in the attached materials). We strongly protest this heavy-handed conduct, and we harbor serious concern as to whether Fukuda Denshi truly intends to cooperate with the Third-Party Committee’s investigation and uncover the facts.
This Third-Party Committee investigation is a valuable opportunity to gather the voices of current and former employees who raise concerns about problems within the company, and to bring to light organizational problems that have accumulated over many years. We have called on the Third-Party Committee to determine the scope of its investigation only after carefully gathering the voices of current and former employees, and to conduct a thorough investigation — covering the use of expenses by parties other than former Chairman Kotaro Fukuda, the actual state of the regional sales subsidiaries, the series of responses following the discovery of the misconduct, and past misconduct by former Chairman Fukuda.
We call on the current and former employees of Fukuda Denshi to proactively provide the Third-Party Committee with information regarding the company’s governance problems, improper use of expenses, problems at the regional sales subsidiaries, harassment, experiences in which internal whistleblowing reports were ignored, and any other relevant matters.
Should you have information you wish to provide to us, we continue to accept such information as well.
[Attachments]
Public letter, “Regarding the Establishment of the Third-Party Committee and the 79th Ordinary General Meeting of Shareholders” (dated July 2, 2026)
Summary of Minutes of the 79th Ordinary General Meeting of Shareholders (dated June 26, 2026)
Contacts
Kaname Capital, L.P.
[email protected]
+1-617-221-3584
201 Washington Place, 26th Floor, Boston, MA 02108
