A clan of activist investors takes on Japan Inc
コメント
注目のコメント
"But outsiders on boards are useful only if they are truly independent, says Nicholas Benes, who helped draft the new code...For oversight actually to benefit shareholders, it must be more than token, according to a new study by Mr Benes of listed non-financial firms’ performance between 2014 and 2018. He found, among other things, that Japanese companies which created nominating committees for directors and then allowed them to appoint independent outsiders outperformed rivals which did neither.
By contrast, firms with big “allegiant” shareholdings—large stakes held by other firms which help protect against unwanted takeovers but also insulate management from the remaining shareholders—did relatively poorly. Every 1% of allegiant stakes was linked to a 0.12-percentage-point drop in the return on invested capital. That is a problem for investors in Japan. "
