Article taken from: finance.yahoo.com
Activists have recently become more influential at Japan Inc * Olympus’s partnership with ValueAct helped rally its share price * Activists say many Japanese firms unresponsive to shareholders * Activists focus on strengthening governance, boosting corp value By Makiko Yamazaki and Noriyuki Hirata TOKYO, April 21 (Reuters) – Yasuo Takeuchi remembers the horror he felt in 2017 when, as chief financial officer of Japan’s Olympus Corp, he was told an activist investor had taken a stake in the company: the barbarians were at the gate. But as he listened to proposals from ValueAct Capital, Takeuchi began to see the San Francisco-based fund as a potential catalyst for change at Olympus, which was still reeling from an accounting scandal and, he believed, remained too domestic in its outlook. […] Olympus is a notable example of how attitudes at some Japanese companies have quietly changed in recent years. […] Issues around governance and management have come under the spotlight in accounting and other scandals at Toshiba Corp, Olympus and elsewhere. […] That approach, experts say, is likely to have more success – and gain more support from conventional institutional investors.
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