A crucial change is needed to improve corporate governance in Japan
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My FT article about Japan's schizophrenic approach to stewardship, which is the reason why there is almost zero "collective engagement" like Engine No. 1 here. "Institutional investor, thou shalt engage with companies "! BUT, "If you intend to make any important suggestions to the firm, thou shalt publicly paste "probable activist" on your forehead if you buy more than 5%." "Oh, and you must cope with 'large holder' reporting rules that are more burdensome than those applying large holders who promise to shut up and make no important suggestions." Unlike the UK (which Japan is emulating in general) holders of more than 5% have to publicly state their purpose in investing in that company, as being either "pure investment" or "may suggest important actions" to the company.
