Kenju Watanabe: “Control Transaction Governance: Collective Action and Asymmetric Information – Problems and ex Post Policing”

Collective action and asymmetric information problems resulting from
dispersed ownership necessitate the use of agents. These twin problems and relatedagency problems induce control transactions as a solution. These problems, however,also cause dilemmas relating to the governance of control transactions. An ex postjudicial intervention may be employed as a solution for the dilemmas.

A Japan ERISA?

Japan has no comparable law to ERISA, the comprehensive law regulating corporate pension funds, requiring funding and many other features, and enforced by the Department of Labor. Here's an excellent summary of ERISA in a report made to the U.S.Congress:

Summary of the Employee Retirement Income Security Act (ERISA)

Prof. Katuyuki Kubo: “CEO Compensation in Japan”

1. Introduction- The purpose of this paper is to examine recent changes in executive compensationin Japan. We will focus mainly on three topics. First, we review recent changes in theinstitutional framework for executive pay. In particular, we discuss the new rules ondisclosure of executive compensation, which require firms to disclose the salaries oftheir presidents if their pay exceeds a certain amount after 2010.

English Exposure Draft of Japan’s New Corporate Governance Code Published – Public Comment Period Begins

The FSA has published an English version of the draft corporate governance code, and is asking for public comments – which may be sent to the FSA in English. The deadline for receipt of comments is January 31st, 2015.

The English translation, and instructions for making public comments, are available at: