UK fund Asset Value Investors launches campaign against Japan's Wacom
TOKYO :London-based investment fund Asset Value Investors has asked Japanese graphic tablet maker Wacom to improve its corporate governance and proposed an external director with capital markets experience, it said on Wednesday. Japanese companies have faced campaigns from investors anticipating higher shareholder returns once long-awaited corporate governance changes are implemented. Wacom's branded products business holds 39 per cent of the global market share in display and pen tablets but has been losing ground to competitors, and the segment has made a loss over multiple years, the investment fund said in a presentation.
Its board also lacks a representative with capital markets experience that could better protect shareholder interests, Kaz Sakai, the investment fund's head of Japan research said in an interview.
Wacom did not respond to a request for comment outside of business hours. Asset Value Investors first invested in Wacom in 2021, and holds 10 per cent of total voting rights, it said, making it the company's largest shareholder. It considers itself an "engagement investor", pressing for dialogue with management and board members, rather than taking on a more activist role. "We believe these measures will contribute to sustainably protecting the common interests of shareholders," Sakai said. Last month, it launched a campaign against Japanese pharmaceuticals company Rohto to encourage it to focus on its core businesses and engage with shareholders more frequently.
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