Japan's asset managers nudged the volume up another notch at shareholder meetings this year, increasingly opposing management proposals and adding momentum to a policy of attracting foreign investors initiated by slain former Prime Minister Shinzo Abe.
Nikko Asset Management, Asset Management One and others have become distinct voices in Japan's new-found activism, countering foreign criticism of asset managers' rubber-stamp voting.
The revision "raised asset managers' commitment because every manager is held accountable for each voting decision," said Katsuya Kikuchi, associate director at Tokio Marine Asset Management. Domestic asset managers have voted "against management in increasing amounts every year for the last five years," said Seth Fischer, founder of Hong Kong-based Oasis Management, which has invested in Japanese firms including Toshiba CorpStill, only a fraction of shareholder proposals gain support from domestic institutional investors. Last year, these investors supported just 6.
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