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Platinum Asset Management Supports Action to Remove Ushioda and Yamanashi from Lixil Board of Directors

April 4, 2019

SYDNEY--(BUSINESS WIRE)--Apr 3, 2019--Platinum Asset Management, an ASX-listed global fund manager with approximately AU$26 billion in funds under management and voting control of 4.42% of Lixil Group Corporation, today announced its in-principle support of the proposed shareholder action to remove Mr Ushioda and Mr Yamanashi from the Board of Directors of Lixil.

Platinum sent a letter to the Lixil Board on 22 February 2019 outlining its concerns regarding the events and circumstances leading to the abrupt resignation of Mr Seto as CEO, questioning the merits of Mr Ushioda’s and Mr Yamanashi’s appointments to the roles of CEO and COO, respectively, and raising concerns regarding Lixil’s recent financial performance. Platinum has not received a response from Lixil.

Platinum’s Managing Director and Chief Investment Officer, Andrew Clifford said, “ As a large institutional shareholder, our primary concern is value creation for our investors - strong management and sound corporate governance practices are vital to a company’s long-term viability, growth and profitability. We remain dissatisfied with the validity and nature of Lixil’s recent management changes part way through the execution of a turnaround strategy led by Mr Seto, which we backed. We are therefore supportive of the proposals that have been put forward to remove Mr Ushioda and Mr Yamanashi from the Board of Directors of Lixil.”

About Platinum:

Platinum Investment Management Limited (Platinum), trading as Platinum Asset Management is an Australian-based investment manager specialising in international equities. Platinum’s independent style of investment management is driven by a thematic stock picking approach. Platinum’s investment strategy is applied with the aim of achieving strong long-term absolute returns for investors. Platinum manages approximately A$26 billion (as at 28 February 2019) from investors in Australia and New Zealand, as well as overseas. Platinum is a fully owned subsidiary of Platinum Asset Management Limited ABN 13 050 064 287, a company listed on the Australian Securities Exchange. Staff and related parties have relevant interests in approximately 50% of Platinum Asset Management Limited’s issued shares.

www.platinum.com.au

View source version on businesswire.com:https://www.businesswire.com/news/home/20190403005934/en/

Liz Norman – Platinum Asset Management,norman@platinum.com.au, +61 2 9255 7544

KEYWORD: AUSTRALIA AUSTRALIA/OCEANIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Platinum Asset Management

Copyright Business Wire 2019.

PUB: 04/03/2019 10:05 PM/DISC: 04/03/2019 10:05 PM

http://www.businesswire.com/news/home/20190403005934/en