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    8591   JP3200450009

ORIX CORPORATION

(8591)
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Delayed Japan Exchange  -  02:00 2022-07-06 am EDT
2206.00 JPY   -4.48%
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Japan's Orix to end shareholder incentive programme

05/11/2022 | 05:29am EDT
The logo of Orix Corp is pictured in Tokyo

TOKYO (Reuters) - Japan's financial services firm Orix Corp said on Wednesday it would end a popular shareholder incentive programme that rewarded retail investors, giving in to calls to ensure equality in treating shareholders.

Orix is among many other Japanese listed companies that offer benefits to individual shareholders. In a unique practice to Japan, they typically give their services and products to retail investors for free or at a discount as a way of securing stable shareholders.

However, that practice has raised questions notably from equity strategists about whether companies treat their shareholders equally, prompting other major firms to end the incentives.

The Tokyo Stock Exchange also urges companies to treat their shareholders equally in its corporate governance code that was revised ahead of a reorganisation in April of the bourse's main trading boards.

"After careful considerations in order to give returns to shareholders equally, we have decided to abolish the programme," Orix said in a statement.

"We will shift our focus to rewarding investors with other returns such as dividend payouts."

Depending on the number of shares they hold, Orix's retail investors are able to use facilities Orix operates, such as aquariums and hotels, at a discount. The gifts include specialities from various regions in Japan.

Retail investors accounted for 15.5% of Orix's total shareholders in March 2022, a jump from 7.9% in 2018, Orix's website showed.

"The incentive programme for individual investors could go against the concept of equity of all the shareholders," said Masayuki Kubota, chief strategist at Rakuten Securities.

Orix's programme was ranked third among other similar incentives by a Rakuten Securities survey, Kybota added.

Japan Tobacco Inc, the nation's cigarette monopoly, said in February it would abolish a similar programme, which it started in 2004.

(Reporting by Junko Fujita; editing by Emelia Sithole-Matarise)

By Junko Fujita


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
JAPAN TOBACCO, INC. -1.17% 2328 Delayed Quote.1.42%
ORIX CORPORATION -4.48% 2206 Delayed Quote.-1.62%
RAKUTEN, INC 2.07% 640 Delayed Quote.-45.67%
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Financials
Sales 2022 2 568 B 18 915 M 18 915 M
Net income 2022 309 B 2 273 M 2 273 M
Net Debt 2022 6 538 B 48 158 M 48 158 M
P/E ratio 2022 9,02x
Yield 2022 3,66%
Capitalization 2 746 B 20 227 M 20 227 M
EV / Sales 2022 3,62x
EV / Sales 2023 4,05x
Nbr of Employees 32 235
Free-Float 94,9%
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Number of Analysts 11
Last Close Price 2 309,50 JPY
Average target price 2 847,27 JPY
Spread / Average Target 23,3%
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Managers and Directors
Makoto Inoue Executive Officer
Hitomaro Yano Deputy General Manager-Finance
Stan H. Koyanagi Director & Global General Counsel
Tomoko Kageura Executive Officer, GM-Compliance & Legal Affairs
Shuji Irie Deputy General Manager-Business Investment
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