(Client Alert byBingham McCutchen) On August 5, 2013, the Japan Financial Services Agency announced the formation of the “Review Panel on the Stewardship Code for Japan” (the “Panel”). As part of its overall mandate to establish guiding principles by which institutional investors can properly fulfill their roles as fiduciaries from the perspective of promoting sustainable growth of Japanese companies, the Panel aims to enact a Japan version of the United Kingdom Stewardship Code. It should be noted that the formation of the Panel is part of the “third arrow” of Prime Minister Abe’s “three arrow” growth strategy called “Japan is Back,” which aims to restore the confidence of the public and businesses in Japan’s economy.
The Panel consists of eighteen individuals, including professors at prominent universities, senior management of Japanese asset managers, consultants, etc. Regrettably, there were no individuals appointed to the Panel from international financial institutions operating in Japan.
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