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HomeWorld newsActivists' proposals reached a record high for Japan's AGM season

Activists’ proposals reached a record high for Japan’s AGM season

Japanese companies received a record number of shareholder proposals from institutional investors this year, reflecting increasing activism in the country.

According to data collected by Sumitomo Mitsui Trust Bank, a total of 45 companies have received proposals as of June 7. The proposals range from outlining a plan to boost valuations and selling cross-shareholdings, to requiring management to meet with investors when asked.

According to the Tokyo Stock Exchange, more than 2,100 companies, or about 98% of listed companies whose fiscal years end in March, will hold their General Meetings in the next two weeks.

The highlight will be on June 27, when 650 companies will hold their meeting, largely physically, although some will have an online or hybrid format.

While activists are typically voted out, support from other investors may increase this year. Some Japanese asset managers have said they will support proposals they believe will help boost company value.

The Tokyo Stock Exchange launched a campaign this year to encourage companies to come up with plans to boost their stock market valuations. That has put pressure on management to pay more attention to investor opinions.

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