Pressure is building on the owner of Japan’s largest convenience store chain, Seven & i Holdings, to split the company as investors grow increasingly frustrated with its “outdated” governance and poor share price performance.

Three top-30 shareholders, which have previously told Seven & i that they believe a major restructuring is necessary, are considering submitting proposals at the company’s annual meeting, expected in May or June, according to people familiar with the matter.

US-based asset manager Artisan Partners, one of the three shareholders, is among the investors that say Seven & i, which owns the 7-Eleven convenience store brand, has failed to keep pace with recent improvements in Japanese governance standards. They also argue that it has not fought hard enough to boost its share price, which has significantly underperformed the market over the past five years.