Tokyo: Shareholder activism in Asia has reached unprecedented levels, with over 200 companies targeted in both 2023 and 2024, up significantly from 134 in 2021.

According to BERNAMA News Agency, the trend signals growing momentum behind corporate governance reform and investor engagement across the Asia-Pacific region. The report revealed that Japan has emerged as the region’s most active market, with 108 activist campaigns recorded in 2024, marking a 74 percent increase from 2018. Despite global market turbulence in the opening quarter of 2025, Japan remained largely resilient, with 19 new campaigns launched in the three-month period.

South Korea followed closely, seeing 78 public campaigns in 2024-a sharp rise from just 16 in 2018. However, political uncertainty has led to a slight slowdown in the first quarter (Q1) of this year. Still, experts view 2024 as a turning point for shareholder activism in the country.

“This increasing interest in the Asia market continues to be fueled by governments prioritizing corporate governance reform and activists bolstering their teams to capitalize on emerging opportunities,” said Diligent Market Intelligence Editor-in-Chief, Josh Black. He noted Japan’s domestic-focused campaigns have helped shield it from external volatility. Governance reforms remain top of the activist agenda. In Q1 2025 alone, there were 17 governance-related demands in Japan and 16 in South Korea, underlining a shift toward greater transparency and board accountability.

Among the most prominent players, Strategic Capital leads the region with a strong Japan-centric portfolio. Align Partners Capital Management ranked second with a South Korea focus, while Hong Kong-based Oasis Management Company and United States-based Dalton Investments, both active in Japan, tied for third.

Emerging markets are also seeing increased attention. Hong Kong became the third-most active market in 2024, with campaign volumes peaking, particularly around demands to appoint or remove key personnel. Singapore also saw a similar uptick in activity.

As Asia continues to attract both domestic and international activist investors, the report underscores a long-term transformation in the region’s corporate governance landscape driven by a mix of regulatory reforms, strategic investor pressure, and evolving market dynamics.