A Case for Reform at Japan Tobacco

(Reuters) ... And the investment fund has a sound case against Japan Tobacco’s management. Over the last three years, the company has lost a third of its value while two international rivals, British American Tobacco and Philip Morris, have gained 42 percent and 32 percent, respectively. That’s before factoring in dividends. On that front, the fund notes that Japan Tobacco’s payouts have amounted to a quarter of its earnings, significantly less than its rivals have handed back. Continued