Shareholder Activism in Asia Surges 23% as Reforms Push Corporate Governance Up the Agenda

New report highlights record campaign levels in Japan and South Korea as investors seize reform-fueled opportunities across Asia.

TOKYO--(BUSINESS WIRE)--Shareholder activism in Asia has reached record levels, with activity up by almost 23% in 2025 as investors sharpen their focus on the region to capitalize on emerging opportunities, according to Diligent Market Intelligence’s Corporate Governance in Asia 2026 report.

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.

Corporate governance issues accounted for almost one-third of activist demands in the first quarter of 2026 and one-quarter of all demands in 2025, reflecting how reforms by governments and regulators have pushed governance up the agenda.

Japan emerges as a key driver of activism

• Japan remains Asia’s activism hotspot, accounting for 56% of regional activity in 2025 and 32% in Q1 2026, cementing its status as the second-most active shareholder activism market globally, ahead of Europe.

• Efforts linked to board composition are gaining traction, with activists winning 37 board seats at Japan-based companies in 2025, up from seven in 2024 and 23 in 2023.

• Dalton Investments and Nippon Active Value Fund jointly rank as Japan’s most prolific activists, targeting a combined total of 40 companies over the three-year period examined.

“Having overtaken Europe as the second-most active hub for shareholder activism, Japan now sits at the center of investors’ governance agenda,” said Josh Black, Editor-in-Chief, Diligent Market Intelligence. “The result is a market where activism is embedded at historically high levels and boards are under real pressure to deliver long‑term value.”

Reforms unlock new levers in South Korea

• Policy and regulatory reforms in South Korea have given activists new levers to unlock value, with 60 companies facing demands in Q1 2026 alone, already matching the full-year 2025 total.

• Governance is the dominant theme, accounting for 34% of all demands in Q1 2026, up from 30% in 2025 and 28% in 2024.

• Align Partners Capital Management and Park Young-Ok (Smart Income) rank as the most prolific activists in Diligent Market Intelligence’s South Korea watchlist, each targeting 12 companies over the period examined.

“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 Program’ have provided an opening for activists to engage and push for change," said Black. "Retail investors are also having an impact on how the landscape develops.”

Download the full Diligent Market Intelligence report, which also features data sets examining activism trends in China, Hong Kong and Singapore, here.

About the report

The report draws on data from Diligent Market Intelligence’s Activism, Voting and Activist Shorts modules, covering 2021 through Q1 2026, unless otherwise stated. The report was produced in association with Georgeson. Further data is available on request. For more information, please email [e-mail].

About Diligent Market Intelligence

Diligent Market Intelligence (DMI) is a market-leading provider of shareholder activism, investor voting, and corporate governance data. Through its web application and data feeds, clients can access the most complete solution for listed company intelligence on the market, with broader and deeper insights than ever before.

About Diligent

Diligent is the AI leader in governance, risk and compliance (GRC) SaaS solutions, helping more than 1 million users and 700,000 board members to clarify risk and elevate governance. The Diligent One Platform gives practitioners, the C-Suite and the board a consolidated view of their entire GRC practice so they can more effectively manage risk, build greater resilience and make better decisions, faster. Learn more at diligent.com

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