“Intense focus on shareholder returns and use of large, idle cash balances in Japan, paired with major changes to governance and stewardship, have opened the door to activist funds.”
Paul Marriott, Senior Managing Director
Country:
Japan
Average % of insider ownership:
To learn more about this country, please click on the tabs below
Persuading Japanese companies to change was unthinkable five years ago; however, activist investors are finally making some inroads in Japan. In 2015, the Japanese government introduced a new corporate governance code aimed at making Japanese companies more attractive to investors by requiring firms to appoint at least two outside directors and give those boards explicit duties to scrutinize the work of managers and communicate with shareholders.
Shareholders reaching or exceeding the 5 percent and 10 percent threshold must disclose their ownership. Foreign investors will face antitrust laws when intending to buy stakes in excess of 10 percent in certain industries.
Japan allows large-scale share purchasing procedures, whereby activists could face dilution if they fail to comply.
Top Campaigns by Type
1. Cash Return: Dividends
2. Amend Bylaw
3. Sell/Retain Assets
Campaigns By Year
Total
Campaigns
Notable Invested Activists
• Third Point Partners
• Oasis Management Company
• The Children's Investment Fund Management
Recent activism campaigns
| Daihatsu Motor Co | VS. |
ARGA Investment Management LP |
| Seven & i Holdings | VS. |
Third Point Partners |
| Taihei Dengyo Kaisha | VS. |
Sparx Group |
Total Active
Campaigns
Contact FTI Consulting
Capital Markets Research and Activist Engagement
Managing Director
+1 312 861 4721
Geoff.Serednesky@FTIConsulting.com
Senior Managing Director
+852-3768 4537
Cara.Obrien@fticonsulting.com