Japan: activist shareholder secures board's removal

The Economist and Financial Times have reported what is said to be a first for activist shareholders in Japan.  According to the FT's report (online, May 29):

Shareholders led by Warren Lichtenstein’s Steel Partners on Thursday ousted the president and board members of Aderans, a Japanese wigmaker, the first time activist investors have successfully expelled management in a country often criticised for ignoring their wishes. The event is something of a coup for US-based Steel Partners, which owns 26.7 per cent of Aderans. The wigmaker is just one of nearly 30 Japanese companies the private equity group has been pushing to improve investor returns and corporate governance"

The Economist report is available here and the Financial Times report can be found here.  In this earlier post, proposals for the reform of corporate governance in Japan were noted.