Last month, when it disclosed its earnings for the business year that ended in February, Seven & I Holdings posted a record operating profit of ¥506.5 billion and became the first Japanese retailer to top the ¥10 trillion mark in annual sales.
Making a steady recovery from impacts of the COVID-19 pandemic, one might think its shareholders would be happy with how the operator of major convenience store chain 7-Eleven is run.
Instead, Seven & I has been facing pressure from a foreign shareholder that claims the firm is wasting its potential, and wants to secure more control in its business through a proxy fight at the annual shareholders meeting set for Thursday.