Shareholder activism in Asia has reached unprecedented levels, with over 200 companies targeted in both 2023 and 2024, according to Diligent’s latest report, “Shareholder Activism in Asia 2025”. This marks a significant increase from 134 companies in 2021, highlighting a growing trend towards corporate governance reforms across the region.
Japan and South Korea have emerged as the focal points of this activism. Japan alone witnessed 108 campaigns in 2024, largely driven by local activists and robust governance reforms. South Korea followed with 78 campaigns, a nearly fivefold increase from 2018, as new activist players and retail investors, facilitated by online platforms, have begun to influence campaign dynamics.
In Singapore, shareholder activism has remained steady year-on-year, primarily focusing on board-related demands such as appointments and removals. Despite the modest overall volume compared to its regional counterparts, Singapore’s campaigns have not yet seen major structural changes in 2025.
Hong Kong and Singapore both experienced a peak in activism in 2024, though the focus remains on routine governance and personnel issues. The report underscores the evolving landscape of shareholder activism in Asia, driven by both traditional and new players, and its potential to reshape corporate governance practices in the region.
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