PREVIEW-Japanese shareholders to turn up the heat at AGMs

* What: Over 2,700 firms hold annual shareholder meetings

* Shareholders are expected to be more vocal

* When: Most companies will meet shareholders this month

By Junko Fujita

TOKYO, June 19 (Reuters) - Japan's traditionally compliant shareholders are expected to be more vocal during the upcoming annual meeting season, emboldened by the success of U.S. hedge fund Steel Partners in ousting the management of Japanese wig maker Aderans Holdings Co (8170.T) last month.

Long frustrated by measures designed to thwart hostile takeovers, activist foreign investors are starting to make inroads as they push management to increase efficiency and improve shareholder returns.

More than 2,700 companies hold shareholders' meetings later this month, according to Kengo Nishiyama, an analyst at Nomura Securities Co.

Steel Partners' success at Aderans was a significant turnaround from last year, when it was called an "abusive buyer" by a Japanese court and forced to give up its attempt to take over condiment maker Bull-Dog Sauce Co (2804.T).

"Foreign investors gave up on Japan after the Bull-Dog Sauce case and started selling Japanese shares," said Taiji Okusu, managing director at Credit Suisse Securities (Japan) Ltd and secretary general for Japan Corporate Governance Forum.

"But the Aderans case has changed their views. Stocks are rising now on expectations that this year's shareholder meetings will be different."

A number of Japanese companies are coming under pressure from vocal foreign shareholders.

Electricity wholesaler Electric Power Development Co (9513.T), better known as J-Power, is fighting British hedge fund TCI, which launched a proxy fight to gain support for the ousting of its president and higher dividends.

U.S. fund Southeastern Asset Management said it would vote against the re-election of the chief executive of insurer NipponKoa Insurance Co (8754.T) because of falling earnings.

Another U.S. fund, Perry Capital, which holds a 6 percent stake in chipmaker NEC Electronics Corp (6723.T), is asking NEC Corp (6701.T) to cut its holdings in the chip unit.

POISON PILLS

Steel Partners was joined by other Aderans shareholders in May in refusing to re-elect the president and most board members, the first time the management of a Japanese firm has been ejected under pressure from an activist fund.