The rise of the Asian activist investor

Not many companies whose profits have in essence flatlined over the past decade have seen their share price more than triple. By that measure Fujitec, a Japanese lift manufacturer, is a rare beast. The reason for its bull run is not past performance, but a growing expectation of change through investor activism, once anathema to Asian boardrooms. The company has faced a years-long campaign from activist investors, which led to the dismissal of three board members earlier this year. This was soon followed by the replacement of Fujitec’s chairman, the son of the firm’s founder.