Slow progress for activist investors in Japan

TOKYO (AFP) — Corporate Japan has never liked having change thrust upon it, particularly by foreign hedge funds, but activist investors are slowly making themselves heard in Asia's largest economy.

A high-profile campaign by a British investment fund to try to force Japanese energy giant J-Power to double its dividend and replace its president ended in failure last week.

It was not the only setback for investor activists.

Nipponkoa Insurance chairman Makoto Hyodo evaded an attempt by top shareholder Southeastern Asset Management Inc. to oust him, while Sony Corp. executives escaped an attempt to force them to reveal their salaries.

Some other attempts to shake up underperforming Japanese companies have been more successful.

A shareholders' rebellion led by US hedge fund Steel Partners last month blocked the reappointment of top managers in wig maker Aderans Holdings because of the firm's slack performance.

The victory was a ...