Nearly 70% of Japanese firms expect an increase in proposals from activist investors, a Reuters monthly poll showed, as the government's push for better governance adds momentum to shareholder calls for better returns
Japanese companies were typically seen as unreceptive to demands from shareholders seeking greater returns and more efficient allocation of capital, but that has slowly changed as the government has encouraged changes in governance to draw more foreign investors.
According to the latest Reuters poll, 69% of Japanese companies expect the number of shareholder proposals to increase from current record levels, underscoring that corporate Japan is no longer able to ignore requests from investors. More than 340 shareholder resolutions have been submitted to about 90 listed companies for voting at annual shareholders meetings in June, when a majority of Japanese firms hold such meetings, data from trust banks have shown.Still, among 227 respondents in the poll, only three said they had received shareholder resolutions from activist investors in the last three years. The proposals included higher shareholder returns and sale of non-core assets.
Activists typically target firms with a smaller market capital where they can have large influence with relatively small investments, but their targets have become broader and more diversified in recent years, including some big names like Toyota Motor
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