Nomura Asset Management reveals voting record
Fund manager sometimes opposes interests of other Nomura group members
TOKYO -- Nomura Asset Management disclosed Friday how it voted on proposals at companies it is invested in, becoming the first major Japanese asset manager to do so amid a push for greater transparency.
The Nomura Holdings member opposed 8.6% of 2,635 resolutions on which it voted during general shareholder meetings in the quarter ended March.
Some of these dissents seemed to run counter to the interests of other Nomura group members. Nomura Asset Management voted against the merger that formed plastics maker C.I. Takiron, saying it was disadvantageous to minority shareholders, even as Nomura Securities advised one side of the deal, C.I. Kasei. The fund manager also opposed some nominees for board seats at Suntory Beverage & Food, for which Nomura Securities is lead managing underwriter.
Nomura Asset Management also voted against anti-takeover measures by brewer Sapporo Holdings and sportswear company Asics, as well as proposals at DMG Mori and others to transfer stock to foundations connected to their founding families, saying these moves would hurt returns for small shareholders.
The fund manager cast ayes here and there as well. It voted in favor of board appointments at chemical and materials maker Showa Denko, which had been hit by an accounting scandal, even though some of the nominees garnered only around 60% yes votes.
With more attention being paid to strengthening corporate governance, the Financial Services Agency has updated Japan's stewardship code for institutional investors, urging them to disclose their votes on resolutions at listed companies beginning in June. Voting history may become an important factor for pension funds and other investors choosing asset managers.