Pension fund rethinks corporate governance
Last yearÆs rush by Japan Inc to adopt poison pills against activist managers has the Pension Fund Association revisiting proxy voting principles.
The $110 billion Pension Fund Association (PFA), a leading quasi-government pension fund in Japan, is reviewing guidelines for proxy voting in light of a recent move by hundreds of Japanese companies to install poison pills against takeovers.The PFA has been at the forefront of corporate-governance initiatives in Japan. It introduced an innovative equity fund investing in companies with good governance, managed by Nomura Asset Management, which has so far beat indices such as the Nikk…
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