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“Corruption, the abuse of entrusted power for private gain, is the single greatest obstacle to economic and social development around the world. It distorts markets, stifles economic growth, debases democracy and undermines the rule of law.
Abstract: TOKYO (Standard&Poor's) May 19, 2015–A growing focus on return on equity among major Japanese companies may drive them to further unwind cross-shareholdings in major lenders and other corporations, Standard&Poor's Ratings Services said in a Japanese-language report published today.
Thanks to the leadership in the LDP, we wereso successful in suggesting a large number of new practices to the FSA that were in fact included in the Japan's Corporate Governance Code, that I got worried that more explanation is needed.
The UK Financial Reporting Council’s report on Developments in Corporate Governance and Stewardship contains many insights useful to Japan as it implements its new Corporate Governance Code and the Stewardship Code. In particular, pages 17-22 on stewardship and engagement, and the quality of stewardship statements, provide food for thought in the sense that progress for the Stewardship Code seems spotty and slow.
Excerpt: … Meno’s comments echo those of Nicholas Benes, head of the Tokyo-based Board Director Training Institute of Japan (BDTI), who has called for increased director training in corporate governance to ensure a “virtuous cycle” that accelerates reform.
(Note: The numbers below correspondto page numbers in the Powerpoint presentation, which can be downloadedbelow.)
George Olcott, a guest professor at the Faculty of Commerce at Keio University and an outside directorat Hitachi Chemical and Denso Corporation, gave a speech on this topic at the recent Columbia Business School CJEB conference on corporate governance in Japan.
By Franz Waldenberger. Excerpt:
5.2 Governance reform as growth strategy
The high number of Japanese companies listed on domestic stock exchanges, the high degree of ownership dispersion and the moderate pay levels of top executives suggest Japan’s system of corporate governance to function well.