Through the survey, it was revealed that many shareholders and market participants believe that Square Enix Holdings has significant potential to enhance its corporate value, and that they expect the Company to engage in constructive dialogue with shareholders and to advance initiatives aimed at improving its corporate value.
Based on the results of the survey, we expect that the executive directors and outside directors of Square Enix Holdings will engage positively in dialogue with shareholders, including ourselves, going forward.
In light of these expectations, with respect to the proposals for the reappointment of directors at the 46th Annual General Meeting of Shareholders of SQEX HD, we have decided to exercise our voting rights by way of "abstention" rather than "against" as would result from a formal application of our voting guidelines.
TOKYO, June 26, 2026--(BUSINESS WIRE)--3D Investment Partners Pte. Ltd. ("3D" or "we"), which provides discretionary investment management services to funds holding approximately 19% of the outstanding shares of Square Enix Holdings Co., Ltd. ("SQEX HD") (9684.T), today announced, in relation to SQEX HD, the results of a survey conducted among the SQEX HD's shareholders and market participants (the "Survey"), and it has abstained from voting on the proposals for the reappointment of directors at the 46th Annual General Meeting of Shareholders (the "Meeting").
Results of the Survey
The Survey was conducted by an independent shareholder data provider (the "Third-Party Research Firm") at the request of 3D. The Third-Party Research Firm solicited feedback from more than 80 domestic and international institutional investors and sell-side analysts and conducted interviews with 26 participants. 3D was not involved in any part of the process, from the conduct of the interviews to the preparation of the report. We would like to express our sincere appreciation to all those who shared their candid views despite their busy schedules on this occasion.
The survey's main results are as follows:
In response to the question, "Do you believe that SQUARE ENIX is effectively managing its businesses to maximize the corporate value?", 69% of participants answered "No."
In response to the question, "When considering SQUARE ENIX as an investment opportunity, do you evaluate its game business as the core business?", 100% of participants answered "Yes."
In response to the question, "Do you believe that the amusement business is generating sufficient synergy with the game business?", 73% of participants answered "No."
In response to the question, "Do you believe that the publishing business is generating sufficient synergy with the game business?", 73% of participants answered "No."
In response to the question, "Do you believe that SQUARE ENIX is the best owner for its non-game businesses, such as the amusement and publishing businesses?", 50% of participants answered "No."
In response to the question, "Do you believe that the game business is maximizing revenue and profit margin?", 76% of participants answered "No."
In response to the question, "Do you consider the current medium-term management plan to be appropriate and sufficient for maximizing corporate value?", 69% of participants answered "No."
In response to the question, "Do you think that a fundamental review of management policies should be conducted, looking ahead to the next medium-term management plan, in order to maximize corporate value?", 88% of participants answered "Yes."
In response to the question, "Do you believe that, in order for SQUARE ENIX to maximize corporate value, it is necessary to establish a framework for objectively and fundamentally reviewing management policies from the perspectives of capital cost and investment return, beyond the discussions at the current board of directors?", 58% of participants answered "Yes."
In response to the question, "Do you think that the current external directors are sufficiently engaging with shareholders and market participants, and fulfilling their role as representatives of shareholders?", 77% of participants answered "No."
In response to the question, "Do you believe that, in order to better serve as representatives of shareholders, the current external directors should actively engage in direct dialogue with investors and provide feedback from these discussions to the board of directors?", 88% of participants answered "Yes."