Activist Proposals Hit Record High at Japanese Firms
Activist investors submitted 139 proposals to Japanese companies ahead of annual meetings this month as pressure for better returns grows. Recent victories by funds like Oasis Management have encouraged more aggressive campaigns including calls for top executives to step down at firms such as Kyocera and Wacom.
Activist investors in Japan submitted a record 139 shareholder proposals for annual general meetings this June. The surge follows multi-year prodding by regulators and the Tokyo Stock Exchange to improve shareholder returns and invest in growth. This activity follows recent activist wins that have increased pressure on boards to reform corporate governance.
### Activists Target Corporate Leadership The number of proposals seeking to block director appointments or nominate new candidates rose to 19, up from 14 last year and seven in 2022. Mitsubishi UFJ Trust Bank data shows that foreign investors submitted the majority of these demands. While fewer than one in 20 submitted since January 2023 have passed, the pressure often forces boards to accelerate internal reforms.
