機関投資家の株主活動(一) : 株主によるコーポレート・ガバナンスとその課題  [in Japanese] Actions of Institutional Investors as Shareholders (1) : Corporate Governance by Shareholders and the Problems  [in Japanese]

This is the first part of the article titled as Actions of Institutional Investors as Shareholders. Recently some of the largest pension funds in Japan began to vote actively their shares at the shareholder meetings. They have been developing their voting policies for making their fund managers vote under their own guidelines. This article aims to analyze the movement of the pension funds, which may lead to the so-called shareholder activism, and discuss about the existing and potential problems. For example, the biggest public pension fund is the State itself. It manages the huge fund through its agency, GPIF. The basic problem is whether it can vote or not. The first part covers the latest movement of shareholder actions of the Japanese pension funds.