Results of First Round of Submissions of “Corporate Governance Reports” to the TSE

In a filing with the Tokyo Stock Exchange, MUFG said it tested 3.8 trillion yen ($30.6 billion) worth of shares, about 70 percent of its cross-shareholdings, against the new criteria. About 20 percent of the shareholdings tested do not meet the criteria and the bank will consider selling them unless their returns improve, it said.

The bank did not disclose the specifics of the criteria, but said both direct and indirect returns of the holdings are taken into consideration in determining whether they are met or not. MUFG did not specify by when the returns need to improve before it takes a decision to sell the shares.

The Wall Street Journal:”Japanese Companies Are Haunted by’Ghosts In The Boardroom”

(Excerpts ) — “Toshiba isn’t unusual in keeping “ghosts in the boardroom,” as Nicholas Benes, head of the Board Director Training Institute of Japan, describes former executives who stay on the payroll in an advisory role. He estimates that 80% or more of large Japanese companies have such posts. Many top executives in Japan, where CEO pay is lower than in the U.S., consider them an entitlement, to supplement their pensions.

Deloitte:”Women In The Boardroom”

Statistics defined (p.3)
Total companies analyzed: The company sample size for each country profile.

Percentage of board seats held by women: Calculated by dividing the number of board seats held by women by the total number of board seats in a given sample. The same logic applies for the percentage of board chairs that are women and for the statistics provided for committees.