On 29 May 2025, we issued a 90-page report “Value Up, Asia: Aligning governance with shareholder value”. Over the last decade, the returns from most Asian markets have been lacklustre. Investors have shifted investment assets away from their home markets to look elsewhere for returns. Similarly, companies have been courted and pulled to Wall Street.
The tantalizing prospect now comes from a growing wave of regulators in the region pushing for CG reforms that focus corporate boards and director responsibility towards shareholder value. Not just in Japan: Korea, China, Taiwan, Singapore, Malaysia, Thailand and even India have put forward transformation plans of some form for their corporates.
The report provides an overview of reform efforts that refocus attention on shareholder value and offers recommendations on necessary ingredients for successful reform. Various stakeholders have a role to play. Asian markets need a whole-hearted effort to Value Up, or risk irrelevance.