“Japan's institutional funds have joined Prime Minster Abe in promoting stronger corporate governance initiatives with the hope that others will follow suit. We also expect increased activism in M&A based on the recent successes by minority shareholders in take private transactions.”
Cara O’Brien, Senior Managing Director
Country:
Japan
Average % of insider ownership:
Activism
Threat Level
To learn more about this country, please click on the tabs below
Persuading Japanese companies to change was unthinkable six 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 five percent and 10 percent threshold must disclose their ownership. Foreign investors will face anti-trust 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. Dividends
2. Gain Board Representation
3. Removal Of CEO Or Other Board Member
Campaigns By Year
Total
Campaigns
Notable Invested Activists
• Strategic Capital, Inc.
• Third Point Partners
• Oasis Management Company
Recent activism campaigns
| Teikoku Electric MFG Co Ltd | VS. |
Strategic Capital, Inc. |
| Tosho Printing Company | VS. |
Strategic Capital, Inc. |
| Katakura Industries Co. Ltd. | VS. |
Oasis Management Company |
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