Activist investors are taking a ninja-like approach to stodgy companies
hardly looks like a corporate raider. Dressed in black, the slight 31-year-old is, if anything, more like a, or female ninja. In her office above a 7-Eleven store in Tokyo, she is disarmingly frank. She tells how, as a youngster, her father Yoshiaki Murakami, a well-known bureaucrat turned activist investor, taught her the value of money by making her bet on the cost of dinner. As a teenager, she once caught a glimpse of him on television on a flight home from boarding school in Switzerland.
Yet under the prime minister, Shinzo Abe, new laws enacted as part of the “third arrow” of his economic-growth strategy have challenged hoary boardroom practices, with the aim of promoting American-style shareholder capitalism.
Bad governance has become a hot topic. On March 27th a special committee issued a damning report on Carlos Ghosn’s “deified” role as boss of Nissan, alleging that he set his own pay, kept board meetings, on average, to no longer than 20 minutes, and discouraged debate. It recommended changing Nissan’s board structure and introducing a majority of outside directors. Mr Ghosn is on bail, facing charges of financial misconduct that he denies.
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