Two relatively obscure and sometimes controversial firms are having a moment in Japan, brought to the fore by boardroom battles brewing at companies big and small in the country.

¡°There¡¯s been an ongoing governance revolution happening in Japan. The thinking around control of companies has begun to shift,¡± said Sebastian L. Fain, a partner at Freshfields with expertise in M&A, activism defense and corporate governance.

¡°For proxy advisors, it¡¯s their time to shine.¡±