Shareholder activists in Japan are taming calls for their targets to return their cash piles to investors, ceding ground to the view such corporate hoards are assets rather than a drain on returns amid the economic pain of the coronavirus pandemic.
FILE PHOTO: A pedestrian wearing a protective face mask crosses a street, amid the coronavirus disease outbreak, in the business district in Tokyo, Japan, May 21, 2020.REUTERS/Kim Kyung-Hoon
“The vast majority of activist demands made last year were related to right-sizing balance sheets. But asking for buybacks amid corona-chaos seems a stretch,” said Nicholas Smith, Japan strategist at CLSA. “Now more than ever, there is a clear need for additional oversight and independent directors on the board,” he added.
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