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 outside director, as proposed – one who cannot have worked at the parent company; and e) promoting the dissolution of cross-shareholdings and bank shareholdings, primarily via disclosure or disclosure of “reason/justification for holding”.
On Monday, this report will be distributed to 180 people attending a BDTI/ ICS seminar on the topic of “What can Japan learn from other countries, regarding a corporate governance code?”, at which the two leading MPs will appear and present their views alongside five other experts.
The Japan RevivalVision report, in English:
https://www.y-shiozaki.or.jp/pdf/upload/20140620104142_aUVp.pdf
The Board Director Training Institute (BDTI) is a "public interest" nonprofit in Japan dedicated to training about directorship, corporate governance, and related management techniques. It is certified by the Japanese government to conduct these activities as a regulated nonprofit. Read a summary about BDTI here, and see a menu of its services for both corporations and investors here.