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Business trends

UK fund operator to press harder for diversity on Japanese boards

LGIM voted against 10 Japanese groups last year over lack of female directors

LGIM's move is part of a broader investor trends that call for more diversity in corporate management. (Source photos by Nozomu Ogawa and screenshot from LGIM's website) 

TOKYO -- The UK's biggest fund manager Legal & General Investment Management is pressing harder on Japanese companies to take on more female directors and is expanding policies to vote against proposals by those that have none, it announced on Wednesday.

LGIM, which had voting rights at 1,400 Japanese companies as of 2020, voted against 10 Japanese companies that had no women on their boards last year. The fund manager's voting policy only applied to Japan's TOPIX 100 companies in 2020, but will expand to companies on the TOPIX Mid 400 index from this year.

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