ISS has an interesting post on its web site about the proxy season in Japan and the recent arrest of a shareholder activist for insider trading. The Diet may pass a bill soon requiring major shareholders in Japan to file the equivalent of a Form 13D when their share ownership reaches a 5% threshhold. The filing would have to be made within 2 weeks of a shareholder's hitting a 5% level of outstanding holdings.
Boards in Japan are also dealing with criticism over their adoption of poison pills without shareholder approval. Several institutional investors have indicated that they plan to vote against incumbant directors of companies that have adopted poison pills. This blog previously reported on this policy here.
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