Elevator Maker Showcases Growing Shareholder Activism in Japan
- Ousted Fujitec chairman’s proposals rejected by shareholders
- Activists gain ground in Japan as founders’ influence wanes
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Elevator manufacturer Fujitec Co. is becoming an unlikely test case of corporate governance in Japan, where founders’ families continue to wield substantial influence at many companies.
Fujitec shareholders rejected a raft of proposals from ousted chairman Takakazu Uchiyama to overhaul the board during the annual shareholders meeting on Wednesday, a Fujitec spokesperson said. That marks another win for activist shareholders, who are capitalizing on a decade’s worth of incremental steps that are now transforming boardrooms in Japan.