The votes are in: Japanese investors are finding it easier to say no.
A third of companies had a motion opposed by at least 10 percent of shareholders at their latest annual meeting, according to IR Japan Inc., which tallies the results of the ballots. That's the highest proportion since the consultancy began keeping records in 2010. The latest figures cover 2,449 firms with March year-ends.
The increased willingness to oppose management will be welcomed by Prime Minister Shinzo Abe, who has revamped rules for companies and investors as he seeks to reduce cozy ties between executives and shareholders. Shirou Terashita, president of IR Japan, says the changes are already yielding results.