As Japan enters the busiest period of its annual general meeting season, shareho...
TOKYO - As Japan enters the busiest period of its annual general meeting season, shareholders will submit a record number of proposals to companies amid signs activist efforts to instigate change among conservative corporates are bearing fruit.
“Companies are much more willing to listen to shareholders and take action in response to shareholder engagements,” said Seth Fischer, founder and chief investment officer of Hong Kong-based hedge fund Oasis Management. But behind-the-scenes discussions with King Street and other funds resulted in Toshiba announcing last month an overhaul of its own proposal of board members to include more external and even non-Japanese directors for the first time in 80 years.
“We hope to attract more long-term shareholders,” the trading firm said. “For that, we think it’s important to reach out to foreign institutional investors.”
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