The 2nd Annual ACCJ Shareholder Forum
HOSTING COMMITTEE: The Alternative Investment Committee
This year shareholders face new challenges for active engagement with companies in the build up to what will be a very interesting shareholder meeting season, virtual or otherwise.
First, Japan has amended the Foreign Exchange and Foreign Trade Law [FEFTA] to require prior notification of investments above 1% by foreign investors for reasons of national security. These changes vastly increase the number of listed companies deemed essential to national security, and they amend the regulations for reporting foreign investment rules for these companies, potentially making the evaluation and acquisition of Japanese investments much more burdensome and less attractive.
Second, the impact of Coronavirus Economy has shaken the stability and profitability of all companies, shut wide sectors of the economy, and, ironically, revalued companies with surplus cash on their balance sheets.
Third, the consequences of the government actions to combat the Coronavirus have delayed reporting of financial results by Japanese public companies as well as the scheduling of Annual General Meetings for shareholders of those companies.
How will shareholders and companies engage with each other in this extraordinary environment? How can actively engaged investors exercising their stewardship responsibilities remain constructive and relevant in these circumstances?
Come and join us at the Second Annual ACCJ Shareholder Forum to learn about how shareholders are navigating engagement with Japanese public companies and whether they will be able to fulfill the expectations of fiduciary asset managers set out in Japan’s Stewardship Code. Our 360º review of investor stewardship this year will include the following speakers:
A senior representative of the Japanese government (tentative)
Ryohei Yanagi, CFO, Eisai Pharmaceutical Co., Ltd.
Nicholas Smith, Strategist, CLSA Securities Japan
Emi Onozuka, COO, Japan Catalyst
Masatoshi Kikuchi, Strategist, Mizuho Securities
Fabiana Fedeli, Global Head of Fundamental Equities, Robeco Institutional Asset Management
Seth Fisher, CIO, Oasis Capital
The discussion promises to include views about the impact on foreign investors of the FETFA revisions; the appropriate roles of asset managers and owners in revitalizing Japanese public companies; the developing corporate and management landscape in the Coronavirus Economy, and key strategies to address investor stewardship in Japan.
