Truston Asset Management "BYC, Disclose Board Meeting Minutes"

[Asia Economy Reporter Junho Hwang] Truston Asset Management has exercised its right to inspect and copy the minutes of the board of directors' meetings of BYC Co., Ltd., a company in which it is actively engaged in shareholder activities. It is unusual for an institutional investor to take such measures against a company it has invested in.

Truston Asset Management announced on the 26th, "On the 25th, we sent a request to BYC to inspect and copy the minutes of the board meetings from 2017 to April 2022, covering a period of five years."

Last December 24, Truston sent a shareholder letter to BYC containing five demands, including reducing internal transactions and expanding liquidity, and had several informal contacts, but "did not receive satisfactory answers, which led to this action," according to Truston. Truston explained, "This measure is to determine whether contracts such as the management service contract for BYC headquarters building, which is believed to have negatively impacted BYC’s performance, were conducted through proper procedures."

If BYC refuses this request, Truston stated that they intend to enforce it "even if it requires obtaining court approval." Truston also said, "After analyzing the board minutes, if any issues are found, we are considering further legal actions."

Meanwhile, as of the 25th, Truston Asset Management is the second-largest shareholder of BYC, holding 8.13% of its shares. Since changing its investment purpose to management participation on December 23 last year, it has been actively engaging in shareholder activities.

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