An activist fund manager is shining a spotlight on a long-established Japanese business practice: senior officials from the country’s establishment landing plush post-retirement jobs in the private sector.

Tsuyoshi Maruki, the founder of Strategic Capital Inc., is taking aim at Japan Securities Finance Co., a Tokyo-based provider of loans and securities lending services. JSF has a long history of appointing former Bank of Japan officials to top management positions, he said.

According to Maruki, this arrangement is detrimental to the company’s performance, as the people in question have no incentive to boost shareholder value. He argues that such employees tend to see their positions as no more than cushy jobs.