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  "documentTitle": "Keisei Electric Railway (9009)",
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  "authorName": "Palliser",
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  "presentationDate": "2025-04-23 00:00:00",
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  "notes": "Uses L&G quote to frame the 'Komon' (advisor) system as a governance risk.",
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      "kind": "callout",
      "text": "Investors treat honorary advisors with caution given the lack of accountability",
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      "text": "Multiple retired presidents/CEOs serving as advisors to Keisei whilst serving in senior roles at OLC results in significant and inappropriate influence over incumbent Keisei management - further impairing an objective appraisal of the OLC stake",
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      "text": "PEER MISALIGNMENT: Keisei's peers average only 0.8 honorary advisors.",
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      "text": "Multiple retired presidents/CEOs serving as advisors to Keisei whilst serving in senior roles at OLC results in significant and inappropriate influence over incumbent Keisei management – further impairing an objective appraisal of the OLC stake",
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      "kind": "quote",
      "text": "[Advisory positions] are not held accountable to shareholders... they can apply pressure on the board and are often referred to as \"ghosts in the boardroom\" or \"corporate backseat drivers\".",
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      "kind": "quote",
      "text": "\"[Advisory positions] are not held accountable to shareholders as they do not serve on the board. Still, they can apply pressure on the board and are often referred to as 'ghosts in the boardroom' or 'corporate backseat drivers'. In cases where the former CEO remains as a senior adviser, they may exercise unreasonable influential power over incumbent management members, which could be detrimental to the board's functioning and dynamic.\" — L&G (2024 - Japan corporate governance and responsible investment policy)",
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      "text": "Source: Company disclosures.",
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      "kind": "table",
      "text": "Table showing Norio Saigusa, Tsutomu Hanada, and Hiroshi Otsuka's roles at Keisei and OLC.",
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      "kind": "title",
      "text": "... exacerbated by current Keisei “Komon” serving in OLC management roles...",
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