Japanese Retail Investors Turning on Managements?

According to Bloomberg, 78% of all retail investors in Japan who are planning on voting are prepared to cast ballots against managements.

This section in particular catches my eye:

Southeastern will vote against the re-election of NipponKoa Insurance Co. President Makoto Hyodo at the insurer’s shareholder meeting scheduled for June 25, the fund said in a statement in March.

It would be the Memphis, Tennessee-based fund’s second attempt to oust Hyodo. Southeastern, which has about 17 percent of the casualty insurer, has cited his failure to raise shareholder value. Nipponkoa shares have slumped 19 percent this year, compared with a 6.7 percent decline by the nine-member Topix Insurance Index during the same period.

Southeastern’s unsuccessful bid last year contributed to Nipponkoa announcing cost cuts and a plan to merge with Sompo Japan Insurance Co. amid declines in premium income.

You'll recall I mentioned NipponKoa earlier this month. The company is a legacy holding of mine, since I purchased Koa Fire & Marine Insurance back in 1998.