The Company’s AGM was held at 9.00 am on 20 July 2021 at the offices of Aberdeen Standard Investments, Bow Bells House, 1 Bread Street, London, EC4M 9HH. At the date of writing the Notice of Meeting, Government guidelines on future gatherings and social distancing measures were still under review. The Board therefore decided to seek to limit attendance at this year’s AGM to the minimum quorum requirements for an AGM, in the best interests of shareholders in the current circumstances. Considering the public health and government advice related to the COVID-19 pandemic, shareholders were advised not to attend the AGM in person.
The Company's 2021 Annual Report can be found below. The Manager has also prepared an AGM presentation which can be watched on demand below.
An update from our investment manager, Chern-Yeh Kwok - 8 December 2021
Japan is well positioned to continue with its economic recovery in the year ahead, as the government works on a fiscal stimulus package that could provide at least a short-term boost to the economy whilst also pursuing the digitalization of the government and a green growth strategy. This comes alongside Prime Minister Fumio Kishida’s promise of a new capitalism that aims for a virtuous cycle of growth and redistribution, with measures including the revival of domestic travel subsidies, funding for disaster prevention and national resilience, and additional funding for Covid sufferers, such as medical funding and targeted cash handouts. Despite the fiscal expansion plans, Kishida seems set to maintain the target for a balanced primary budget by 2025. However, a similar promise had been made by former PM Abe, but this goal was not achieved then, and seems equally unlikely under Kishida. Meanwhile, monetary policy is likely to remain status quo, even whilst central banks elsewhere are turning hawkish to contain inflationary pressures.
Japan is home to world-class companies with strong franchises that can play an essential role in any diversified portfolio seeking to deliver long-term growth.
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Chern-Yeh Kwok is head of Japanese equities having transferred from the Singapore team in January 2011. Chern-Yeh joined the company in 2005 from MSCI Barra where he was an equity research analyst.
Chern-Yeh graduated with a BA in Journalism from the University of Missouri- Columbia and holds an MSc in Finance from the London Business School.
Hisashi Arakawa joined the company in 2016 and is based in the Tokyo office. He has a MPhys in Physics from the University of Oxford and a MBA from INSEAD and is a CFA® charterholder. He was previously vice president in the corporate banking group of Development Bank of Japan.
Flavia Cheong is the Head of Asia Pacific Equities on the Asian Equities team at abrdn, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining abrdn in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Head of Investment Management, Japan
Chern-Yeh Kwok is head of Japanese equities having transferred from the Singapore team in January 2011. Chern-Yeh joined the company in 2005 from MSCI Barra where he was an equity research analyst.
Chern-Yeh graduated with a BA in Journalism from the University of Missouri- Columbia and holds an MSc in Finance from the London Business School.
Deputy Head of Investment Management, Japan
Hisashi Arakawa joined the company in 2016 and is based in the Tokyo office. He has a MPhys in Physics from the University of Oxford and a MBA from INSEAD and is a CFA® charterholder. He was previously vice president in the corporate banking group of Development Bank of Japan.
Head of Equities - Asia Pacific
Flavia Cheong is the Head of Asia Pacific Equities on the Asian Equities team at abrdn, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining abrdn in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Karen Brade was appointed a director on 1 May 2013 and assumed the Chair in July 2018. She has over 25 years’ investment experience in a range of sectors and markets. She began her career at Citibank, working on various multi-national project finance transactions. Between 1994 and 2004 she was an investment principal at CDC Group plc (the UK Government’s Development Finance Institution) where she directed equity and debt investing, portfolio management, fund raising and investor development including India, South Asia, Africa and China. Since 2005 she has been an adviser to hedge funds, family offices and private equity houses. Karen is currently the Audit Committee Chairman of Augmentum Fintech plc and Chairman of Keystone Positive Change Investment Trust plc.
Claire Boyle was appointed as an independent non-executive director of the Company with effect from 1 February 2019. She has over 17 years' experience working in finance and equity investment management, working on funds over a wide range of sectors for international corporate, Government, State and retail clients, including unit and investment trusts. She was a partner at Oxburgh Partners LLP with responsibility for their European Equity Hedge Fund, and prior to that a European Equity Fund Manager at American Express Asset Management, where her role included both equity investment and business development. Claire is a chartered accountant, qualifying in 1993 whilst working in litigation support at Coopers & Lybrand, before starting her investment career on the UK research desk at Robert Fleming. She is also currently Chairman of Life Science REIT plc, the Audit Committee Chairman of Fidelity Special Values plc and a director of The Monks Investment Trust PLC.
Sir David Warren was appointed on 1 December 2015. He had a career in the British Diplomatic Service of over 35 years, concentrating on East Asia following his initial Japanese language training, including three postings to Tokyo, and culminating in four and a half years as British Ambassador to Japan from 2008 to 2012. He is an Associate Fellow of the Asia-Pacific Programme of the Royal Institute of International Affairs and is currently Chair of the Nursery and Midwifery Council, as well as acting as adviser to a number of cultural and educational bodies.
Sam Dean was appointed a director on 1 December 2020. He has a long career in investment banking, working in Equity Capital Markets and corporate finance on behalf of corporate and government clients globally. After starting his career in 1993 at Kleinwort Benson, he subsequently worked as a Managing Director at Citibank (1998-2001), Deutsche Bank (2001-2009), and Barclays (2009-2017). At Deutsche and Barclays, he held senior management positions as Global Head of Equity Capital Markets and Head of Corporate Finance, whilst continuing to work on client transactions.
Chairman and Independent Non-Executive Director
Karen Brade was appointed a director on 1 May 2013 and assumed the Chair in July 2018. She has over 25 years’ investment experience in a range of sectors and markets. She began her career at Citibank, working on various multi-national project finance transactions. Between 1994 and 2004 she was an investment principal at CDC Group plc (the UK Government’s Development Finance Institution) where she directed equity and debt investing, portfolio management, fund raising and investor development including India, South Asia, Africa and China. Since 2005 she has been an adviser to hedge funds, family offices and private equity houses. Karen is currently the Audit Committee Chairman of Augmentum Fintech plc and Chairman of Keystone Positive Change Investment Trust plc.
Independent Non-Executive Director
Claire Boyle was appointed as an independent non-executive director of the Company with effect from 1 February 2019. She has over 17 years' experience working in finance and equity investment management, working on funds over a wide range of sectors for international corporate, Government, State and retail clients, including unit and investment trusts. She was a partner at Oxburgh Partners LLP with responsibility for their European Equity Hedge Fund, and prior to that a European Equity Fund Manager at American Express Asset Management, where her role included both equity investment and business development. Claire is a chartered accountant, qualifying in 1993 whilst working in litigation support at Coopers & Lybrand, before starting her investment career on the UK research desk at Robert Fleming. She is also currently Chairman of Life Science REIT plc, the Audit Committee Chairman of Fidelity Special Values plc and a director of The Monks Investment Trust PLC.
Independent Non-Executive Director
Sir David Warren was appointed on 1 December 2015. He had a career in the British Diplomatic Service of over 35 years, concentrating on East Asia following his initial Japanese language training, including three postings to Tokyo, and culminating in four and a half years as British Ambassador to Japan from 2008 to 2012. He is an Associate Fellow of the Asia-Pacific Programme of the Royal Institute of International Affairs and is currently Chair of the Nursery and Midwifery Council, as well as acting as adviser to a number of cultural and educational bodies.
Independent Non-Executive Director
Sam Dean was appointed a director on 1 December 2020. He has a long career in investment banking, working in Equity Capital Markets and corporate finance on behalf of corporate and government clients globally. After starting his career in 1993 at Kleinwort Benson, he subsequently worked as a Managing Director at Citibank (1998-2001), Deutsche Bank (2001-2009), and Barclays (2009-2017). At Deutsche and Barclays, he held senior management positions as Global Head of Equity Capital Markets and Head of Corporate Finance, whilst continuing to work on client transactions.
| Year End | 31 March |
| Accounts Published | June |
| Annual General Meeting | July |
| Dividend Paid | July, December |