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  "docSlug": "2723e45b96d8",
  "documentTitle": "Keisei Electric Railway (9009)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
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  "presentationDate": "2025-04-23 00:00:00",
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  "notes": "The slide uses a 'true ROE' calculation to expose that the company is underperforming relative to investor expectations, specifically targeting the Chair and President.",
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      "kind": "callout",
      "text": "NOTE: True ROE would be in the bottom third or lower of the industry for the past three years",
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      "kind": "callout",
      "text": "According to the independent expert report, Keisei’s true ROE over the past 3 and 5-year periods falls well below investor and proxy advisor thresholds which can trigger votes to hold management to account",
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      "text": "Keisei True and Reported ROE Relative to Investor Policy Thresholds",
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      "text": "ROE: 1%",
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      "text": "According to the independent expert report, Keisei's true ROE over the past 3 and 5-year periods falls well below investor and proxy advisor thresholds which can trigger votes to hold management to account",
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      "kind": "quote",
      "text": "Vote AGAINST Chair and President if ROE has been below 5% and in the bottom 1/3 of the industry for the past 3 years — Nomura Asset Management",
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      "kind": "source-note",
      "text": "Source: Company disclosures, Investor Voting Policies, Bloomberg. Note: Peers include Keio, Odakyu, Tokyu, Tabu, Keikyu and Seibu...",
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      "kind": "title",
      "text": "... and masking Keisei's true ROE - preventing management from being held to account...",
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      "name": "Cost Of Inaction",
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