Business | Shareholder shake-up

The rise of the Asian activist investor

Elderly boardrooms and huge cash piles are under new shareholder focus

People cycle past an electronic board displaying closing share prices on the Tokyo Stock Exchange — Image: Getty Images

Aug 31st 2023|Singapore

Not many companies whose profits have in essence flatlined over the past decade have seen their share price more than triple. By that measure Fujitec, a Japanese lift manufacturer, is a rare beast. The reason for its bull run is not past performance, but a growing expectation of change through investor activism, once anathema to Asian boardrooms. The company has faced a years-long campaign from activist investors, which led to the dismissal of three board members earlier this year. This was soon followed by the replacement of Fujitec’s chairman, the son of the firm’s founder.

This article appeared in the Business section of the print edition under the headline “Shareholder shake-up”