Ahead of several upcoming annual general meetings (AGMs) in Japan, shareholder activism and corporate governance issues are drawing attention across major companies. Singapore-based 3D Investment Partners has disclosed its holdings in Nippon Steel and is urging shareholders to vote against the reappointment of the steelmaker's president and vice chairman at the June 24 AGM, citing concerns over the company's prolonged U.S. takeover that risks irreversible value loss. Similarly, Glass Lewis, a leading proxy advisory firm, has recommended shareholders oppose the reappointment of Toho Holdings' CEO Hiromi Edahiro at its June AGM. In the automotive sector, Hino Motors and Mitsubishi Fuso announced plans to merge in April 2026, with Toyota acquiring Hino's Hamura plant as part of the integration. This move aims to strengthen competitiveness in next-generation technologies such as decarbonization and autonomous driving, while maintaining a specialized commercial vehicle business structure. However, Hino's stock price has sharply declined due to investor concerns over dilution from capital increases linked to the merger. Toyota's Akio Toyoda has assumed a new top role as chairman of the Japan Automobile Manufacturers Association, advocating for dialogue with the government on equal footing. At Toyota's shareholder meeting, proposals included appointing half of the board as outside directors, with shareholders approving the reappointment of key executives including Toyoda and CEO Koji Sato. Meanwhile, Fuji Media Holdings, grappling with a sexual harassment scandal, faces intensified shareholder disputes ahead of its June 25 AGM. Proxy advisory firms have shown mixed positions, with some supporting Fuji HD's board proposals and others opposing activist shareholder candidates. The Fuji Television labor union has expressed support for the company's reform plans. Additionally, the Japan Productivity Center appointed Yoshimitsu Kobayashi, chairman of Tokyo Electric Power Holdings, as its new chairman, emphasizing a forward-looking approach in the AI era. Other shareholder votes include opposition to Kyocera's top management nominations by Oasis and Hibiki Path Advisors opposing governance changes at Japan Pure Chemical Co. These developments reflect a broader trend of shareholder engagement and governance scrutiny in Japan's corporate sector.