JAPAN_2023-AGM_Season_ReviewWe are pleased to present our annual Japan AGM Season Review, which provides a comprehensive analysis of general meeting trends across the Japanese market

Highlights in this year’s report:
  • Shareholder activism continues to increase, with more activist investors, including domestic funds, entering the market as Japanese management teams increasingly find themselves at odds with their investors
  • Corporate Governance Code revisions and the restructuring of Japanese capital markets clearly show Japan’s commitment to attracting global investors and aligning with global expectations
  • Voting against directors is increasing, with 13.6% of director elections facing opposition of 10% or more in 2023
  • Proxy advisors ISS and Glass Lewis have adopted stricter stances on director elections for companies on board gender diversity or the presence of substantial cross-shareholdings, and increasingly make ‘against’ recommendations
  • Remuneration rates and poison pill provisions were less contentious in 2023
Exclusive insights from the following institutional investors:
  • Kate Jalbert, Investment Stewardship Director EMEA/APAC, Vanguard
  • Matteo Passero, Stewardship Analyst, UBS Asset Management
  • Aina Fukuda, Head of Japan Investment Stewardship, Legal & General Investment Management
  • Takahiro Hagawa, ESG Analyst, Amundi Asset Management
Download the 2023 Japan AGM Season Review
  • To download the English language version click here
  • To download the Japanese language version click here