* Asia public shareholder activism doubles from 2013 to 2015
* Investors seek better returns amid slow growth
* Companies prime defences against potential hostile attacks
By Michelle Price and Elzio Barreto
HONG KONG, March 8 (Reuters) - Following a rare public campaign, BlackRock Inc voted against a deal planned by a Hong Kong firm that the world's biggest asset manager partly owns, revving up investor activism in Asia after it roared ahead in 2015.
In a ballot on Tuesday, BlackRock rejected G-Resources Group Ltd's plan to sell its main asset, an Indonesian gold mine, saying it didn't have confidence G-Resources would use the proceeds in investors' best interests. Owning 8 percent of G-Resources, BlackRock urged other shareholders to follow suit.
G-Resources did not respond to requests for comment ahead of the result of the investor vote, the outcome of which was expected to be published after the Hong Kong stock market's close at 0800 GMT. The company has said it will use the proceeds to shift its focus to financial services.
Successful or not, BlackRock's move highlights how investors are becoming more active - and vocal - in seeking out better returns in Asia amid ultra-low interest rates and sluggish global growth. The trend has been given added weight by reforms in places like Hong Kong and Japan designed to enhance corporate governance and promote minority shareholder rights, giving investors ammunition to push back against company management.
"You have seen the success of activist funds in the United States improving businesses and increasing shareholder returns," said Seth Fischer, chief investment officer at Hong Kong-based activist hedge fund Oasis Management. "They are looking for further opportunities, bringing their critical know-how to Asia and saying, 'Let's produce the same things out here'."
According to data from research firm Activist Insight, the number of companies in Asia subject to one or more public shareholder demands more than doubled over the past two years to reach 31 in 2015, with nearly half successful, up from 30 percent a year earlier.
More than 65 percent of cases were instigated by overseas investors, according to Activist Insight, with U.S. fund Elliot Associates' ultimately unsuccessful move to challenge restructuring at South Korea's Samsung Group and Oasis Management's action tackling Japanese technology firm Kyocera Corp and videogame maker Nintendo Co Ltd among recent high-profile campaigns.
BEHIND CLOSED DOORS
Typically, much investor activism takes place behind closed doors, especially in Asia where there is a cultural aversion to public confrontation. As Asian companies are often closely held, it is much tougher to successfully push for change in some markets in the region.