Shareholder activism in Asia at peak levels, says corporate governance report
Nearly 250 firms in the region faced public activist demands in 2025.
Asian businesses are witnessing record levels of shareholder activism, pressuring company boards through public demands to deliver long-term value.
"Almost 250 Asia-based companies were publicly subjected to activist demands in 2025, up from 203 in 2024, with momentum sustained into the opening quarter of 2026 as activists targeted more than 100 issuers," noted Diligent Market Intelligence when it released its Corporate Governance in Asia 2026 report.
Produced with the help of strategic shareholder services firm Georgeson, the report found that last year's shareholder activism activity in Asia rose by nearly 23%. Japan accounted for more than half (56%) of regional activity in 2025, whilst South Korea was cited for a significant shift in the market.
"Historically, South Korea was a challenging market for activism given the high levels of family ownership, but initiatives such as the government's 'Value-Up Programme' have provided an opening for activists to engage and push for change," Diligent Market Intelligence's Josh Black pointed out.
In the first quarter of 2026 alone, 60 companies in South Korea were already dealing with activist demands. Japan, meanwhile, made up 32% of Asia's shareholder activism activity in the quarter.
Black commented: "Having overtaken Europe as the second-most active hub for shareholder activism, Japan now sits at the centre of investors' governance agenda. The result is a market where activism is embedded at historically high levels and boards are under real pressure to deliver long‑term value."
One-fourth of the activist demands in Asia in 2025 had to do with corporate governance issues. In the first three months of 2026, these issues accounted for nearly a third of the demands.
According to Diligent Market Intelligence, governance has been pushed up the agenda amidst reforms and as investors recognise emerging opportunities in the region.
