The Board Director Training Institute of Japan (BDTI) has produced a translation of the table of contents, and the sections related to corporate governance, in the LDP’s “JapanRevitalization Vision”, which was published on May 23rd. As ofMonday, May 26th, the recommendations in this “Vision” became formal LDP policy when they were approved by senior Ministers Amari (METI), Aso (FSA), and Prime Minister Abe.
IMA’s fourth report on adherence to the FRC’s Stewardship Code looks at the activities that support institutional investors’ commitment to the Code in the period to 30 September 2013.
http://bdti.mastertree.jp/f/r8oy9juw(Excerpts here; download below) – The ICGN welcomes the opportunity to comment on METI’s project entitled “Building Favorable Relationships between Companies and Investors” arising from the Ito Review and we draw upon the experience of our members in providing our response. In addition, ICGN has adopted statements of principles and best practice guidance that bear on a number of the questions raised in the consultation.
The LDP has made public its finalized growth policy “vision.It contains a number of proactive and high-impactpolicies regarding corporate governance, by proposing things such as: a) creation of a comply-or-explain corporate governance code with FSA and TSE involvement (with the ambitious schedule of “in time for next year’s AGM season”); b) a TSE comply/explain requirement of two independent outside directors, c) the concept of accountability re directors’ qualifications and knowledge levels; d) a Company Law de facto requirement for one
The Council of Institutional Investors (CII) announced that they sent letters to Japanese Prime Minister Abe and key members of theJapanese diet, MPs Yasuhisa Shiozaki and Masahiko Shibayama,in order to express CII's support for corporate governance reforms underway in Japan under the leadership of theLDP.
The letters also said that CII applauds the proposal to draft Japan's first Corporate Governance Code, encouraging the LDP to make it a robust one.
CII'sletter to Japanese Prime Minister Abe
(From David Polk) – A coalition of proxy advisory firms, including ISS and Glass Lewis, is disputing the requirements in the proposed EU revisions to the Shareholder Rights Directive related to their services, which could take effect in all EU member states.
The Board Director Training Instituteof Japan (BDTI) is the only organization in Japan focusing on the vital area of governance and directorship training for all board members. We are a rare “public-interest” organization, which means that BDTI is certified as such by the Japanese government and generally has tax-free status as a result.
This interview was filmed at the Asian Business and Management Conference 2013, held in Osaka, Japan.
Please go to the top page to watch the video.
(Major study on the shift in Japan from true owners exercising a voice, to voiceless cross-shareholdings in the post 1960 perior. ByJulian Franks, London Business School, CEPR and ECGI;Colin Mayer,University of Oxford, CEPR and ECGI; andHideaki Miyajima,Waseda University, WIAS and RIETI.)