Financial Times- Non-Japanese hedge funds, which have in recent years engaged in acrimonious battles with Japanese boards, are taking a more conciliatory approach in a country where many companies resist foreign interference.
The Children’s Investment Fund, a UK-based hedge fund, recently changed a request for two seats on the board of J-Power, in which it holds a 9.9 per cent stake. Instead it proposed that the electricity wholesaler appoint three independent external directors.
“We are trying to find a way to break the impasse,” said John Ho, director of TCI in Asia. He has called on J-Power to focus on areas of “clear agreement” between TCI and management.
“We agree that the company exists to create value. What we disagree on is how to best do that,” he said.
