The Japanese conglomerate is resisting demands by activist shareholder Elliott Management, which has a US$2.5-billion stake in SoftBank, to create a board subcommittee to supervise the fund’s investment process, arguing that top executives already clear the fund’s investments, and large limited partners are consulted on deals worth US$3 billion to US$5 billion. (Reuters)
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The Japanese conglomerate is resisting demands by activist shareholder Elliott Management, which has a US$2.5-billion stake in SoftBank, to create a board subcommittee to supervise the fund’s investment process, arguing that top executives already clear the fund’s investments, and large limited partners are consulted on deals worth US$3 billion to US$5 billion. (Reuters)
Talking point: SoftBank CEO Masayoshi Son had vowed to undertake governance reforms, including improving oversight of the fund’s portfolio firms and ending bailouts for stragglers. According to Reuters, the fund’s poor performance has halted fundraising efforts from large investors such as the sovereign wealth funds of Saudi Arabia and Abu Dhabi. The Vision Fund’s losses, which include investments in WeWork and Uber, amounted to US$16.5 billion in the fiscal year ended March 2020. SoftBank is also reportedly looking to end its association with Wirecard, a German company under investigation by the EU after US$2.1 billion went missing from its books.
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