“ I. Purpose The Corporate Governance Code (“Code”) has been drafted and is scheduled to be implemented in June 2015 in line with the government’s growth strategy, Japan Revitalization Strategy (Revised 2014) formulated in June 2014. The growth strategy also calls for TSE’s listing rules to require listed companies to explain the reason for non-compliance with the Code. TSE will make the necessary revisions to its rules and regulations to achieve this comply-or-explain regime. In addition to these revisions, information disclosure regarding independence of independent directors/auditors will be revised to contribute to the smooth appointment of independent directors….