Steel Partners, Ichigo Asset Management and other investors in Japanese companies are doubling their involvement at annual meetings as overseas shareholders lead a drive for higher returns.

Investors will put forward 85 motions at 21 companies this month, compared with 47 motions at nine companies last June, according to Glass Lewis & Co., a shareholder adviser. Shareholders' meetings for more than half of Japan's traded firms peak Thursday.

Increased activism has centered on demands for higher dividends and greater management transparency, especially when proposing or defending against takeovers.