Activist campaigns targeting the election and removal of directors are accelerating, with the number of proposals at the June 2026 AGMs reaching a record 139. The companies named include listed companies such as KADOKAWA, Kyocera and Wacom.
At the June 2026 AGMs, activist proposals reached a record 139. In addition to traditional demands for shareholder returns, proposals seeking to change the board through director elections and removals accounted for an increasing share. The grounds for the proposals extended into details such as declining profitability in individual businesses and failed M&A transactions, making the campaigns increasingly sophisticated.
In an unusual case involving シンクロ・フード, a proposal to elect 2 outside directors was approved, while the proposal to reappoint the top management was rejected. リム・アドバイザーズ led the campaign, logically bringing proxy advisory firms and other shareholders on board and broadening support.
The latest campaigns can be classified into 3 types. Using financial data such as declining ROA in individual businesses and impairment charges related to M&A transactions as weapons, activists are increasingly seeking changes in management through the election and removal of directors. Similar campaigns could spread to other companies, including KADOKAWA, Kyocera and Wacom.
The next page provides details on the circumstances surrounding the boardroom changes at シンクロ・フード, the overall picture of the campaign patterns shaking listed companies, and the latest campaign outcomes.