Japanese companies are waking up to activist investors
Amid Japan's traditional corporate culture, shareholders are growing bolder in pushing governance, ESG agendas
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DURING an annual general meeting (AGM) on Jun 25, 2021, shareholders of Toshiba Corp ousted Osamu Nagayama, the chair of the company's board of directors, who had been in his role less than a year.
Similar, if not as spectacular, shareholder actions took place in June 2021 at AGMs of Yakult Honsha, Kansai Electric Power, and SoftBank Group. At Yakult, foreign investors voted against the management's nominees for the board.
Shareholders of Kansai Electric Power put forward a proposal to decarbonise its business, although it was voted down. And a substantial number of SoftBank shareholders opposed an appointment of the company's former lawyer as a new board director.
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