Shareholder Activism in Asia Reaches Record High, Driving Corporate Governance Reforms, According to Diligent

Diligent Market Intelligence’s Latest Report Analyses the Surge in Activism and Its Impact on the APAC Region

SINGAPORE, May 26, 2025–(BUSINESS WIRE)–Shareholder activism in Asia has reached a record high, with over 200 companies targeted in both 2023 and 2024, up from 134 in 2021, reflecting the growing importance of corporate governance and shareholder engagement across the Asia-Pacific region. The Diligent Market Intelligence: Shareholder Activism in Asia 2025 report from Diligent provides a comprehensive analysis of key activism trends across the region.

According to the report, Japan has emerged as the most active force in the wider Asian market, with 108 campaigns advanced by activists in 2024, a 74% increase from 2018. Despite the market turbulence that abruptly changed the course of the season for many other global markets in the opening quarter of 2025, Japan has remained largely insulated from such upheaval with 19 new campaigns launched in the three-month period.

South Korea has also been a busy market for activists, with 78 public campaigns in 2024, a year many considered to be a watershed moment. This represented a significant increase from 16 campaigns in 2018 and just eight in 2019, although a changing political landscape appears to have weighed on overall activity in Q1 2025.

“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 Josh Black, Editor-in-Chief at Diligent Market Intelligence. “In Japan, the largely domestic focus has meant activism continues to thrive in spite of geo-political tensions and other headwinds.”

The report also examines three other themes that both Asia-focused boards and investors should have on their radar:

Governance Reforms: A Top Priority for Activists

Elevating governance and related disclosures are priority focus areas for activists operating in Asia. In the first three months of 2025, 17 such demands were advanced at Japan-based companies, and 16 in South Korea.

Key Players in the Activist Landscape

Japan-focused Strategic Capital was ranked as the top activist player in the region on the Diligent Market Intelligence dedicated watchlist, followed by Align Partners Capital Management, operating in South Korea. In joint-third place are Hong-Kong based Oasis Management Company and Dalton Investments, both with a focus on Japan.

Rising Activism in Emerging Markets

As Asia continues to attract the attention of foreign investors, Hong Kong has emerged as the third-most active market in the region, with the volume of public campaigns peaking in 2024. Singapore also saw a peak in activity last year. Demands to appoint or remove personnel were most common in both countries during this period.