LGIM Blog - Aina Fukuda, Head of Japan Investment Stewardship

Disclaimer: Views in this blog do not promote, and are not directly connected to any L&G product or service. Views are from a range of L&G investment professionals, may be specific to an author’s particular investment region or desk, and do not necessarily reflect the views of L&G. For investment professionals only.

AIna Fukuda

Based in Japan, Aina leads investment stewardship activities across Japan and Oceania as part of L&G's Responsible Investment team.

She engages with companies, regulators and policymakers on issues including corporate governance, climate and public policy.

Prior to joining L&G in 2019, Aina spent nine years at PwC Japan, where she helped establish and expand the firm's corporate sustainability advisory practice, advising companies on the integration of sustainability considerations into business strategy.

Earlier in her career, she held research positions in the financial and legal sectors. Aina is a licensed Certified Public Accountant (CPA) in the United States.

Other articles by Aina Fukuda

Tokyo Skyline

Japan's corporate governance reforms: Stronger coordination, but must support accountability and investor voice

Recently, Investment Stewardship finalised input on three major Japanese reform initiatives: Tokyo Stock Exchange (TSE) Listing Rules changes on minority shareholder protection, revisions to the Corporate Governance Code, and the interim proposal on the review of the Companies Act.

Empty boardroom

Board diversity and the changing face of work in Japan: A reflection from speaking at the Osaka World Expo

Drawing on insights from a recent panel where I spoke alongside industry peers at the Women’s Pavilion with Cartier at the Osaka World Expo, this piece highlights evolving perspectives and how Japanese boards and companies are transforming to adapt for the future.

Tokyo skyline

Japan’s AGM 2025: Reform in motion

As Japan’s 2025 proxy season drew to a close, it became clear that the market is undergoing a quiet but meaningful transformation. Companies are increasingly unwinding cross-shareholdings, appointing more independent directors, and enhancing board diversity, supported by the FSA’s Action Program for Corporate Governance Reform and the Tokyo Stock Exchange’s reforms to improve corporate capital efficiency. These are not just box-ticking exercises; they signal a deeper commitment to long-term value creation.

Tokyo tower

From post-AGM to pre-AGM: Japan’s efforts to reform annual disclosure practices

As Japan’s AGM season wraps up, it’s a timely moment to revisit the expectations we’ve communicated on long-standing issues like AGM clustering, disclosure timelines, and audit-related reforms — and to see what progress has been made.

Japan climate

Japan climate policy: A pivotal year

A pivotal period for climate policy in Japan continues, with current policy efforts shaping the nation’s path to net zero. Through collaboration and advocacy, we have championed ambitious proposals and engagements, aiming to drive meaningful change.

Japan AGM

Reflecting on the 2024 Japan AGM Season

The 2024 AGM season in Japan has revealed a mixed landscape of advancements and entrenched challenges in corporate governance and other key issues.

Steel making

We’re calling on Nippon Steel to become a regional leader on climate-related lobbying disclosures

After two years of intensive individual and collaborative engagement, we have co-filed a shareholder proposal on climate-related lobbying.

Green skyscraper sustainability

Climate policy engagement: spotlight on Japan

We believe Japan has much to gain from adopting more robust Paris-aligned policies that avoid tying the country down to a carbon-intensive economy.

Japan-business district

Highlights from Japan’s AGM season

We saw improvements in board independence and diversity, more investors holding directors accountable, and another record year of shareholder activism.

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