The Japaneese government hasnot translated major portions of its Revised Growth Strategy intoEnglish yet, so The Board Director Training Institute of Japan (BDTI)recently translated the partsthat relateto reform of corporate governance. As you will note, among other things Japan has committed to produce:
(From the article) What if lawmakers never spoke to their constituents?
Oddly enough, that’s exactly how corporate America operates. Shareholders vote for directors, but the directors rarely, if ever, communicate with them.
(The original famous paper, byy Sanjai Bhagat and Bernard Black*)
Japan’s Ministry of Economy, Trade and Industry (METI) has produced these English translations of documents they createdto accelerate thinking in Japan about how to integrate and better utilize outside directors and kansayaku on boards. Overall, they reflect the shift towards a realization that more uniform and higher-level“best practices” are needed, in line with national policy to formulate a corporate governance code.